Terms of Lease.
Rent To Own buyers and sellers enter into a lease agreement for a fixed period of up to 36 months. At the conclusion of the lease, the buyer will have the option to purchase the home from the seller.
The purchase price will be determined before the Rent To Own lease agreement is finalized and signed by both buyer and seller. This price is fixed and will not change after negotiated and agreed upon by both parties.
In addition to the down payment credit, the Seller may offer monthly rent credits. A “rent credit” is a portion of the monthly lease payment that is applied to the overall purchase price if and when the Rent To Own purchase is executed at the end of the lease. The amount of the rent credit and the down payment will vary by each seller and property.