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What Is Rent to Own?

Home For Rent Sign

A rent to own agreement gives the tenant-buyer the ability move in-to their dream home, not full ownership, with the 'option' to purchase the property at the end of the contract period. Essentially it is an agreement to buy a property with an extended closing date. That way you, as the tenant-buyer, have time to save clear up any credit issues, so you can qualify for a loan at the end of the term.

Typically, you, the tenant-buyer, will put down a non-refundable option fee down payment (3.5% - 5% of the option price), which will count towards the option price if you exercise your option to buy the home. Then you’ll make monthly payments, and at any time during the option period, you are authorized to complete the transaction of the home.