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What is Rent-to-own?

Rent-to-Own, also known as rental-purchase, is a type of legally documented transaction under which the property is leased in exchange for monthly payment, with the option to purchase at some point during the agreement.

A rent-to-own transaction differs from a traditional lease, in that the lessee can purchase the leased item at any time during the agreement, and that the lessee can terminate the agreement by simply returning the property with a penalty. The buyer has a limited time, if any, to purchase the home.

 

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