Rent to own is also known as rental purchase is type of legal document under which property like home appliances, furniture and others is leased in exchange for a weekly and monthly payment with the option to purchase at some time during the agreement. A rent to own contract requires prospective buyers to pay monthly rent to the homeowner, with a portion of it going toward a home purchase at a later date. If you've had your house on the market for a while, this transaction could let you move while having someone in your house generating cash flow for your mortgage.
Elements to rent to own contract:
1) Purchase price
4) Purchasing the property
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