The primary components of a rent to own transaction (also known as a lease to own transaction) are the rental term, the purchase price, the upfront deposit and the monthly rent credit. A Tenant or Renter (also referred to as “Tenant-Buyer”) and a Landlord (also referred to as “Landlord-Seller”) enter into a lease agreement (typically 12 to 36 months) that gives the tenant the option to purchase the home at a previously agreed upon price.
We created a roadmap to give you an idea of the steps in renting-to-own. In the real world, no two rent-to-own agreements will be exactly the same, but this roadmap will give you the basic guidelines. Depending on your current situation and that of the other party involved, both of you will need to invest time into customizing an agreement that is fair and achievable for both sides.
We know you and your loved ones will have additional questions, so we've created an FAQ to further assist you.
When we talk with families, they usually ask us if leasing to own is right for them. That's why we created a section to help you weight your options..