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There are two types of legal agreements to choose from with rent to own homes. A lease agreement with option to purchase This contract gives you the right-but not the obligation-to buy the home at the end of your lease. If you decide not to go through with the purchase, the option expires, and you can walk away.
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Lease options and rent-to-own homes: Move in now, buy later In exchange for allowing you to purchase a home in the future at today’s prices, the seller usually requires a substantial option fee.
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