Here is the synopsis of our sample research paper on Practical Law: Fairness of Rent-to-Own Contracts
. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 8 page paper discusses some of the legal issues that surround rent-to-own enterprises; includes interview. Bibliography lists 6 sources.
Page Count:
8 pages (~225 words per page)
File: D0_HVRntRev.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
legal issues that surround rent-to-own enterprises. Rent-to-Own Housing Most people who want to buy a home try to find a lender to finance a traditional mortgage, but there is such
a thing as rent-to-own housing. It can be a godsend to low-income families who still hope to realize the "American dream" of home ownership, or it can be a trap
in which unscrupulous persons take advantage of their clients, charging them horrendous rates of interest, promising them a home of their own and then failing to deliver the property. One
such case, which we can take as an example of the dangers of this practice, is that of Scott Wizig of Buffalo, New York. Over a period of several years,
Wizig bought more than 250 properties in various low-income neighborhoods in Buffalo (Heaney, 2002, p. A1). It was his avowed purpose to repair them and then re-sell them to lower
income buyers; he said he would be "a different kind of real estate investor than what the city, especially the East Side, is accustomed to" (Heaney, 2002, p. A1). However,
two years after he made his promises, he has done little to repair the properties; instead "his efforts to turn renters into buyers involve asking prices 10 times what he
paid for properties, and illegal contract provisions, according to numerous attorneys, that leave Wizigs tenants responsible for repairing his houses" (Heaney, 2002, p. A1). Wizig is typical of "the new
breed of absentee property owners who are exploiting inner-city neighborhoods" (Heaney, 2002, p. A1). They buy houses as cheaply as they can, do little or nothing to repair them (though
they may make some cosmetic improvements) and then sell them at greatly inflated prices to unsophisticated buyers (Heaney, 2002). Attorneys have now gone after Wizig, and a nonprofit group that
...