How Does A Lease With Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances we may extend your option if you need more time to get your credit or down payment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
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LEGAL DISCLAIMER: Rent To Own refers to properties for sale with lease-option financing. This site does not charge for rental listings and is not a Pre Paid listing Service as defined by California Business and Professions Code 10167.
Terms of credit during rental period dependent on agreement with homeowner. Terms of credit may affect ability to qualify for home loan at end of lease period.
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