This Lease-To-Own - No Rental Option

This Lease-To-Own - No Rental Option

This Lease-To-Own - No Rental Option

I am currently advertising one of my properties for rent to own. I'm trying to find someone who wants to buy real estate, but has a flexible seller who will allow them to rent for a short time until they get traditional loans. I discovered that there is a misconception that the rent to own or lease option is the same, and that they are interchangeable terms. I disagree.

Call it semantics, but I think that there is a difference, even if they are similar and sometimes identical structure.

A typical lease option or rent to own or lease includes the lease and an option or contract. Are not those basically the same? Yes they are, but the difference for me as I explain it by the purchaser or lessee-optionee lease.

If I were to explain the possibility of leasing rental optionee, I would tell them that they are leasing the property. But during the cooling off period, if they want to buy a house, they can use their option and buy it for the price of the option described. Pretty good deal of their rights? They can hire and, in its sole discretion, they can buy homes when they like.

Now, here is how I explain to my rental program. If you were my tenant buyer, I can tell you that you agree to purchase property from me and we would have to contract to do so. I understand that you can take some time to get your loan place and I am willing to be flexible with you and allow you to rent while working in their financial data.

Do you see a subtle but very significant difference?

In addition to the leasing option, they are leasing the property and if they feel like it, they can buy property using their option to buy. My rent to own, they agreed to buy the front and they would get from rental, but they get a loan instead of a privilege.

Typically, a seller, I do not want the buyer to correct (I think, agree with and redirect), but I quickly corrected my tenant buyers when they try to say that they have the option to buy. No, no, no ... You need to commit to me and now that you're going to buy. Then I will be flexible and you rent to own property, provided that you are entitled.

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