Rent-to-Own

This can also be called the lease purchase option. In this a sales and rental agreement are combined. Here the tenant has the exclusive right to purchase the home at a specific price within the time of the lease. In this agreement the purchase price, monthly rent, rent credits and length of the lease are clearly established. A portion of the monthly rent is credited to the established purchase price.

A rent-to-own option can be very beneficial for someone who wants to buy a home, but does not have enough of a down payment or currently the best credit to qualify with most financial institutions for a mortgage. A future purchase price is locked in. The tenant makes monthly payments with a portion being credited toward the purchase price. This helps the tenant build equity toward a down payment at a more convenient slower rate. If credit is an issue, it gives the tenant more time to work it out and correct it.

A lease purchase or rent-to-own option can be a great way to ease into or back into home ownership. It provides some breathing space during the term of the lease.

We have the capacity to help you with this option quickly. Call us and let us know what you need.