These agreements typically consist of two distinct parts: a lease agreement and a purchase option.
Monthly payments are often higher than market rates. This extra amount, known as a "rent credit," is typically held in an escrow account and applied toward the future down payment. rent w option to buy homes
To secure the right to buy, tenants usually pay a non-refundable "option fee," often ranging from 1% to 7% of the home's purchase price. These agreements typically consist of two distinct parts: