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However, rent-to-own homes can be difficult to find, and they aren’t for everyone. Make sure you know the ins and outs of these arrangements before signing a contract.
A rent-to-own agreement is an alternative way to buy a home without an upfront down payment, but the process can be complicated and you'll want to take extra precautions.
Rent-to-own contracts for residences began to mushroom in the mid-20th century, when lenders would not work with African Americans. In such compacts, a tenant would pay a premium (an amount in ...
In a rent-to-own, also called "rent-to-buy" or "lease-purchase," the agreement calls for the renter to purchase the house by a set time, which is typically 36 months hence.
PAVIOUR: Rent-to-own homes are officially known as land contracts or contracts for deed. And they've been around since at least the 1940s.