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The word "rent" and "lease" both indicate you’re in a rental agreement, and "to own" indicates you have the right to purchase the property (known as a Lease Option), in addition to the rental agreement. lease option means you have the option to purchase the home at the end of the lease.

Rent-to-own housing can be tricky because the landlord might decide the potential homeowner is responsible for repairs and property taxes during the lease period, said Rich Verrillo, a senior.

Rent-to-own, also known as rental-purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, real property, and engagement rings, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.

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These contracts allow you to rent a property while applying for the option to buy and own it toward the end of your lease duration. Your periodic rent payments will thus include some portion that goes toward the option and is overall a much more affordable way to end up with a house you own.

 · Rent-to-own agreement is a great way to buy a house without getting yourself into the mortgage disaster. Leave behind that debt nonsense and learn how the rental purchase agreements work. Here’s how to buy a place after lease expiration.

Finally, just because a rent to own company agrees to lease out a home to you is no guarantee a mortgage company will give you a loan later on. It’s important to note that rent to own companies do not offer financing themselves. Instead, you have to get a loan through a bank or other financial institution on your own.

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