There is a lot of confusion about what the term “rent to own” can mean. This article explains three different meanings for the phrase, rent to own. The first is that you are an owner-landlord who allows a tenant to rent and then purchase your home. The second option is that you find a house that is being offered as a rent-to-own property. And finally, you can use a real estate agent who specializes in lease options as a way of buying or selling homes.
Lease to own homes, Rent to own homes, Lease purchase homes
In the United States, there are three types of leases that are similar to a rent to own agreement. These include:
Lease purchase homes: These contracts have an option at the end of the period to buy the house for a set price. The buyer makes monthly payments until they decide whether or not they want to purchase the home.
Lease option homes: The buyer makes monthly payments and has an option not to buy at any point during this time frame (usually one year). If they choose not to purchase it at that time, then their money is returned minus any fees from using this type of agreement as well as some interest on top of those costs if applicable (usually about two percent).
Rent-to-own homes: This type of agreement works similarly with lease options except there is no fee associated with using this method instead!
If you are searching for rent to own in IL, there are a lot of rent to own properties to choose from. Illinois is a great place to live or work or both.