What Is Rent-To-Own Housing?
Rent-To-Own (also called lease/option) refers to a contractual arrangement between the tenant and landlord whereby the tenant rents the property, much like any other rental arrangement. The difference is that the tenant also has the GUARANTEED right or option to buy the property at an agreed upon price sometime during the rental period. This is similar to a rain check at a department store. While the tenant has the OPTION to buy the property, he/she DOES NOT HAVE TO buy it. The landlord MUST SELL the property to the tenant at the agreed upon price, if the tenant so chooses. Benefits of Rent-To-Own Housing Depending on your particular situation, there are several advantages of a Rent-To-Own house over a standard rental house: Rent-To-Own allows you to move into your own house now, with a relatively small up front payment, even if you have credit problems that would keep you from buying a house. Once you are in the house, we work with you to improve your credit over the next year or two,
