A lease-to-own contract is a binding agreement between two parties in which one party agrees to rent or lease property, car or big-ticket item, with the eventual purchase of the item. Rent to own contracts may be weekly or monthly, and the portion of the payment that goes towards the purchase.
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Use the Rent to Own Agreement document if: If you are a renter who eventually wants to buy a property that is currently for rent or for sale. If you are a property owner looking to enter a rent-to-buy agreement with renters who need help preparing to be able to make a purchase.
Rent to own, which is also known as a lease purchase, is a contract between you and the seller to buy a house at a future closing date. This can be anywhere from one to three years after the contract is signed.
In the case of rent-to-own agreements, a contract is absolutely needed. When you rent to own, the property owner rents the home to a renter with an option to have the renter purchase the home at the end of the rental period. This type of agreement can be particularly complex, which is one of the reasons a contract is necessary.
For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house.
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