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One of the major disadvantages of trying to patent something is the cost involved. It can cost several thousand dollars, possibly even five or six figures. There is a provisional patent you can get that is much cheaper, and costs only fifty dollars for one year to protect your idea. This option will buy you time to get the higher cost patent as explained in https://steemit.com/innovation/@fiserman/what-does-it-take-to-become-a-modern-inventor-in-2019.
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HousingList provides buyers with a full database of rent-to-own, HUD Homes, and Foreclosure real estate in their area. Visit our library to learn more about what a rent-to-own home is, how to rent-to-own, and other common questions buyers have asked over the years. We work hard to keep this area updated with all the information you will need throughout the entire rent-to-own process. You can also get up-to-date news, tips and more on our blog.
My husband and I were letting my sister and her husband rent to own our house. We do have a mortgage on it. I know we made a big mistake by not drawing up a written contract….it’s all been verbal. The mortgage payment consisted of the monthly mortgage payment, property tax & homeowners insurance. They have lived there for 2 yrs and for the past year have had a dispute with the neighbors and because we don’t want to be involved our family members decided they are moving and are going to sue us for all the rent that they paid to live there and any renovations they made there. We never asked them to do these renovations. They took it upon themselves to do so, some of which we were never privy to beforehand. My question to you is, do they have a case? Will we have to pay them back for 2 yrs of rent and renovations?
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Next, the a type of application needs to be chosen. Often times a Traditional Utility Application is the best route for most inventors because it begins the patent review process immediately upon filing. Sometimes, a Provisional Utility Application works best for a specific idea, because it provides for a simplified submission with a lower initial investment, and gives the inventor 12 months to estimate the commercial potential of the invention before announcing the higher costs of filing and processing the traditional non-provisional patent application.
Hi! I was wondering if you could talk a little bit more about the tax consequences for the sellers in a lease-buy option. We rented out our home with an option to buy, and $200 of the monthly rent will be applied to the purchase price. Do we still count those $200 as part of income for this year, or is that applied as income only in they year that they do not exercise the option? Thanks!
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