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What is the difference between: Lease Option, Lease Purchase and Rent To Own?

April 26, 2017difference lease option purchase rent

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What is the difference between: Lease Option, Lease Purchase and Rent To Own?

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o Rent To Own Resource specializes in Lease Option transactions, also known as a Rent To Own. In a Lease Option the Landlord/Seller agrees to lease their home to a Tenant/Buyer for a fixed period of time, a fixed monthly lease payment and a pre-determined purchase price. The Landlord/Seller grants the Tenant/Buyer the option to purchase the home at any point during the term of the lease. The Buyer is given a ‘Lease’ with the ‘Option to buy’. Top o A Lease Purchase contractually obligates the Tenant/Buyer to purchase the house. Unlike a Lease Option, where there is no ‘option to buy’.