 Lease To Own, What Is It?
A lease-to-own house purchase (also "rent-to-own purchase" or "lease purchase") is a lease combined with an option to purchase the property within a specified period, at an agreed-upon price. The borrower pays an option fee, 1% to 5% of the price, which is credited to the purchase price. The borrower pays rent, and an additional rent premium that is also credited to the purchase price.
This can be both beneficial for both the investor and the buyer/lessor. Need2Lease.com offers the listing and search of Lease To Own at no cost. Both parties need to be aware of local laws and should consult a local attorney or accredited real estate agent before entering any contract.
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