Rent to Own vs. Lease to Own vs. Lease Purchase
November 9, 2015 by Marty Orefice |
The first alternative term is Lease to Own. You can use this term interchangeably with Rent to Own. The word “rent” and “lease” both indicate you’re in a rental agreement, and “to own” indicates you have the right to purchase the property (known as a Lease Option), in addition to the rental agreement.
Additionally, you may have also heard the term Lease Purchase. This is different from a Lease Option, in that instead of an option to buy, it’s an obligation.