Lease to own

What is "Lease to Own"

"lease to own" is where a qualified tenant rents a house or condominium for a predefined period, with the intent to purchase the house at an agreed time in the future, for an agreed price.

They are willing to pay a premium on their rent which will be returned to them if they chose to purchase the property.

At the end of the lease to own term, they have the option and not the obligation to purchase the home.