How Does Rent to Own Work?
First, it is important to mention that there are several terms used throughout the Country to describe a “rent to own.”
The most common three are:
Rent To Own Homes
Lease To Own Homes
Basically, you rent a property with a traditional lease AND you also sign an option agreement to purchase the home.
The option agreement states a purchase price the tenant(you) and landlord(hopeful seller) agree on. This is one of the most important agreements contained in the rent to own contracts.
This agreement also details the period of time the seller is willing to give you to purchase the house. This length of time is called the option period and it’s often 12-24 months… but can be 5 years or more. You must qualify for a real estate mortgage and purchase the home before your option period expires.
What If I Fail to Qualify In Time?
If you are unable to purchase the home during the option period, one of two things usually occur:
The contract expires and
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