Are you trying to learn how rent to own works? For many buyers in today’s real estate market a rent to own home or lease purchase, lease option, etc. could be a great alternative for buying a home.
Rent to own works best for those who have credit issues, are cash strapped, or not sure if they want to stay in the same area for a long time.
You are basically renting the house with a typical lease agreement like you would with a rental home or apartment. But you also sign something called an option agreement that gives you the “option” to purchase the house during your lease period.
The option contract you sign for the rent to own house will also include other important terms of your agreement. Like, the purchase price, rent credits, option term, who’s responsible for repairs, and more!
To read our full guide on how to use a rent to own home visit our page here: /