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Rent To Own Or Lease Purchase Option- What
Rent To Own Homes are exactly what the name implies
. You will rent the home and not own it until all the payments have been made to payoff the house either by you making all the payments or until you can get it refinanced. It also usually states that if you are late on even one payment all the payments revert to rent (which technically speaking is anyway) but the difference is that the sellers no longer have to sell you the house or give you the deed once a certain amount of payments have been made. Regardless you will receive no ownership benefits like tax writeoffs and the like until the deed has been transferred in your name.Lease Option Homes
A lease option is generally the same as far as deposit required but is referred to as an option fee which states that for this fee you have the right to buy the home at a specified date and price somewhere down the road. Hopefully enough time to resolve whatever prevented you from buying the house outright in the first place. Here you option fee is non-refundable as well just like the "deposit" in a rent to own agreement. The major difference here is that you are entering into a uni-lateral contract which simply means only one side is required to act and that would be the seller. For example he has to sell if you choose and are able to buy. The seller can not change their mind and decide not to sell as you can sue to force him to sell. (I have never seen this happen as most want to sell) but on the other hand the seller cannot force you to buy if you change your mind however chances are you would lose your "option fee". Employ the services of a "competent" real estate attorney who can potentially save you thousands when seeking rent to own homes.
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