How Your Rent-To-Own Agreement Works
Rent now to own later
You have chosen to rent a building from Golden Star Properties on the path to future ownership. Golden Star Properties owns the building and you are renting it monthly just like you would a car or an apartment. With standard rental agreements you would never own the property no matter how much rent you pay but your Rent-To-Own agreement has an important difference.
Golden Star Properties has agreed to transfer full ownership of the building to you after you make a designated number of rental payments. Along the way, if you decide Rent-To-Own is no longer the best option, your agreement allows for early purchase of the building at a pre-set price. Ownership transfers to you only after you make the designated number of rental payments or exercise the early purchase option. Until then, Golden Star Properties retains full ownership of their building.
Your Contract Timeline
Signed Contract
When you sign a rent-to-own agreement, Golden Star Properties purchases the building you selected from the dealer, who arranges delivery to you. This is a rental contract, not a loan or an installment purchase. Golden Star buys the building from the dealer and rents it to you.
Monthly Payments
You make a fixed rental payment each month for the length of your contract (36, 48, or 60 months). Payments are due by the 5th of each month.
Final Payment
Your last payment will automatically complete the rent-to-own contract. Alternatively, you may exercise the early purchase option at any time with no penalty. Early purchase pricing is updated online overnight after every business day for your reference but our office must verify all early purchase amounts prior to finalizing ownership transfer.
You Own It
Once the contract is complete, the building is yours to keep, sell, move, or modify as you wish. Golden Star Properties will verify clearance of all payments and send a certificate of ownership to your email. Please allow 3 - 4 weeks for this process to be completed.
Advantages of Rent-To-Own versus other options
- Take delivery and enjoy the building you choose now and use your current or future cash for other things.
- No credit checks and available to anyone regardless of your credit history.
- Equal amounts credited towards ownership from the very first payment. No loan amortization schedules where initial payments go almost entirely to pay interest.
- Early purchase options with no penalty if you decide you no longer want to rent the building and prefer to purchase it outright.
- Pick up option, if your situation changes or you just decide you no longer want the building you can have it returned to the dealer and owe no further rental payments.
- 36, 48, or 60 month options that allow you to find a monthly rental payment amount to fit your budget.
- Setup autopay or utilize easy payment options with our online portal that tracks your path to ownership every step of the way.
A Quick Example
Let's say you found the perfect building for you on the dealer's lot and it is priced at $2000. Even if you have the $2000 in cash, perhaps you have other things you want to use that cash for right now so you decide to rent-to-own this building with a payment of $92.59 on a 36-month contract. (You could also choose a 48 or 60 month option to lower the monthly rental payments.)
Starting with your very first payment, an equal portion of each rental payment is credited towards your ownership. For example, after you make 18 payments you would be halfway through the rent-to-own contract so at that point you could early purchase ownership of the building for half the original price which in this example would be $1000. If you continue to rent until all the rental payments in the agreement are made, you will complete the rent-to-own contract and ownership will be automatically transferred to you and the building is yours with no more payments due...ever. Your contract spells out in large bold print the total maximum amount (excluding any late fees) you might pay during the contract but along the way you might decide to pay a little more than your required monthly rental payment or exercise the early purchase option. You might also decide that the building is no longer right for you and ask Golden Star Properties to come pick up their building. All of these options will reduce the total amount you pay.
Golden Star always retains full ownership of the building until all rental payments are made or you exercise the early purchase option. If you rented an apartment from someone you wouldn't own the apartment after a couple of years even if you have paid more in rent than the apartment costs. Likewise, Golden Star Properties still owns their building until the terms of the rent-to-own contract have been met at which point Golden Star will congratulate you on completing your contract and officially transfer ownership to you.
Key Terms at a Glance
Monthly Payment
The amount is listed on your contract and online and is due by the 5th of each month.
Contract Length
36, 48, or 60 months, as described in your rent-to-own agreement.
Late Fee
Defined in your agreement and charged at $10 per building per month if payment is not received on time.
Early Purchase Option
Available any time with no penalty. Log into your account for details and early purchase pricing guidance.
Payment Details
When Payments Are Due
Monthly rental payments are due by the 5th of each month. A $10 late fee per building will be added each month to each building account that is not current. Golden Star Properties extends a one week grace period to late accounts which ends on the 12th of the month.
How You Can Pay
The preferred way to pay is online at portal.gsrto.com You can also pay by phone at (731) 333-4039, or by mailed check to P.O. Box 657, Paris, TN 38242.
Processing Fees
Card: 3.5%. eCheck (bank account): 1% capped at $5. Mailed check: no fee.
Set up auto pay
Set up autopay online in your account portal to pay automatically each month. Autopay only applies to future payments. Be sure to pay any past-due balance first to avoid late fees.
Returned Payment Fee
If your bank returns a payment (NSF, closed account, stopped payment), a $30 fee may be added to your account.
Questions We Get Often
Who is Golden Star Properties?
Golden Star Properties is the company that owns your building and manages your rent-to-own contract. Golden Star Properties purchased the building from the dealer with the agreement to rent-to-own the building to you. We handle your monthly payments, account management, and the eventual transfer of ownership when your contract is complete. Golden Star Properties is separate and independent from the dealer who is responsible for point of sale contracting, the independent delivery companies who transport buildings, and the building manufacturer who administers warranty claims.
What is the interest rate?
There is no interest rate. This is not a loan. You are renting the building on a month to month contract from Golden Star Properties who owns the building, similar to renting an apartment or car. The difference is that at the end of your contract (36, 48, or 60 months), ownership of the building transfers to you. The total of all your payments will be more than the cash price of the building. The maximum total rental payments you can be charged over the life of your contract is spelled out in large bold print on your contract. That being said, your maximum total cost over and above the cost of the building for a 36 month rent-to-own contract is similar to the charges a new borrower might expect to pay when making purchases using a credit card. The actual amount you will pay may be much less than the maximum depending on how long you choose to rent the building from Golden Star Properties.
When is my payment due?
Monthly payments are due by the 5th of each month. A $10 late fee per building is added if payment is not received by that date. Golden Star Properties extends a 1 week grace period to past due accounts.
My building hasn't been delivered yet. When will I receive it?
Please contact the dealer from whom the building was purchased for a delivery date. Deliveries are coordinated by your dealer and the manufacturer who are independent from Golden Star Properties.
If you've already made payments but your building hasn't been delivered yet, those payments are held as a credit on your account and will be applied once your contract is finalized and received by Golden Star Properties.
I have a problem with my building. Who should I contact?
Please contact the dealer where the building was purchased. The dealer and manufacturer handle any issues with the physical building itself including construction defects, damage in delivery, warranty claims, and similar concerns.
Can I purchase or "pay off" my building early?
Yes. You may purchase your building at anytime without penalty. Customers often request a "payoff amount", "balance remaining", or "interest rate" on their account but remember, this is not a loan. You are renting the building each month from Golden Star Properties and they have agreed to transfer ownership to you upon completion of the contract. Each time you make a rental payment, a portion of that payment is credited towards your ownership of the building. With a loan, the first payment you make is mostly interest with very little being applied towards your ownership but with your rent-to-own contract, an equal portion of every monthly payment is credited towards your ownership starting with the very first payment. Any amount you pay over and above your required monthly rental payment is 100% credited towards your ownership with no rental fee deducted.
Your online account updates overnight to show your current early purchase price and your progress towards ownership. This information can change significantly overnight depending on account activity and should be considered for planning purposes only. Accounts must be current before exercising the early purchase options and all early purchases must be confirmed by our office prior to issuing ownership certificates.
What happens if I stop making payments?
If payments are not made, you have agreed in wirting to allow Golden Star Properties access to pick up their building. The building belongs to Golden Star until your contract is fully complete — regardless of how much you've already paid.
Payments made are non refundable rental payments you have paid for use of Golden Star Properties building while it was in your possession.
If you're struggling to make payments, call us at (731) 333-4039 before things escalate and we will do our best to work with you.
What if I can't afford my payments right now?
Life happens. The worst thing you can do is stop communicating. Call us at (731) 333-4039 — we are here to work with you, not against you.
Depending on your situation, options may include making a one time partial payment, exercising the early purchase option, or voluntarily returning the building to avoid future rental charges. The sooner you call, the more options you have.
Do I need insurance on my building?
You are responsible for the building while it is in your possession. If the building is damaged, destroyed, or stolen, you are still responsible for the remaining payments on your contract.
We strongly recommend carrying insurance on the building to protect yourself against loss. Some homeowners or renters insurance policies cover detached structures — check with your insurance agent for confirmation and discuss adding a portable building to your existing policy.
Can I move my building during the contract?
Remember, Golden Star Properties owns the building and needs to know where it is at all times. If you would like to relocate our building, simply call us at (731) 333-4039 and we will assist you in coordinating the move with one of our approved independent building movers.
If the building is moved to a different state or city with a different sales tax rate, your rental payment and early purchase pricing may change. We'll recalculate if needed.
What happens when I finish my contract?
Once your final payment is made, the building is yours. Golden Star Properties will process the ownership transfer and you'll receive documentation via email confirming the building is now yours.
At that point, you can sell it, move it, modify it, or do anything else you want with it — no further payments required.
Please allow 3 to 4 weeks after your final payment for Golden Star Properties to process the transfer of ownership documents.
Will this show up on my credit report?
We do not routinely report your rent-to-own contract to credit bureaus. In cases of default (extended non-payment and failure to communicate with our office leading to building pick up or bad-debt), the account may be reported to a collections agency, which could affect your credit.
Can I transfer my contract to someone else?
Contract transfers are handled on a case-by-case basis and can only be done with permission from Golden Star Properties. If you want to transfer your contract to another person, call us at (731) 333-4039 so we can review the request and assist you.
Why does the portal say my balance might not be current?
Balances in the portal are synced from our accounting system on a scheduled basis. Very recent payments, invoices, or adjustments may require verification by our office and can take one full business day to reflect in your online account. If you made a payment recently and don't see it, wait a day and check again before calling us to confirm.
Early purchase pricing can change daily depending on account activity and early purchases will be verified by our office prior to transfer of ownership.
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