Rent-to-own is a unique agreement that offers tenants the opportunity to rent a property with the option to purchase it later. This arrangement is especially appealing for individuals who want to own a home but may not have the financial capacity or creditworthiness to make a traditional home purchase immediately. Let’s explore how rent-to-own works, its benefits, and potential drawbacks.
How Rent-to-Own Works
In a rent-to-own contract, a tenant signs a lease agreement with the landlord, just like a regular rental agreement, but with an added option to buy the property. The tenant agrees...