The Lease with Option to Purchase program is similar to rent to own in that it gives the resident an avenue to purchase the home, however, rent to own has a lot of drawbacks that put the buyer at risk and in most cases renders rent to own illegal.
In a rent to own program, you pay a rent higher than market value and part of that rent is paid toward your purchase price. What happens if the landlord isn’t paying taxes or making their mortgage payment? Could you pursue legal damages in court? Probably, through years of headache and hassle.
The lease with option to purchase is a much cleaner way to protect both you as the buyer as well as the seller. You agree to a purchase price up front based on today’s market prices and you pay a rent based on market value until you’re ready to either buy the home or move out. There’s no obligation to buy and you don’t have thousands of extra dollars at risk. Want to pay more every month to put it toward the purchase price? PAY YOURSELF. Pay that extra money to a savings account instead of trusting that a third party will hold it safely for you.
Our program requires low up front costs and protects you while giving you the option to buy on your own time. Check out some of our links below to get more information.
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