Rent to own homes process options
When the buyer is ready to purchase the home, this option payment made by the buyer are credited to the purchase price of the home. If the buyer decides to not purchase the home in rent to own properties, all of the option money that was to be credited to the buyer stays with the seller. Option fees are sort of like an investment made by the buyer. If they decide not to purchase the property, they lose all of the option fee money they put into a rent to own homes free listings purchase. The seller would get the home back and any option money paid up front and any option money paid with the monthly payments stays with the seller. No money is returned to the buyer.
From there, the seller could put the house back on free listings rent to own homes on the market for a traditional sale or collect another option fee down payment and try again with a new buyer, or become a landlord with a straight rental.
Ideally, the buyer would purchase the home. Typically, they can do this anytime during the length of rent to own home agreement. It could be on day one or the last day or any day in between. Until that point, though, they make a monthly payment to the seller just as they would to a mortgage company.
