: A portion of your monthly rent (often above-market rate) that may be credited toward your eventual down payment.
: The price you will pay at the end of the term is set today, protecting you from future market price increases. free lease option to buy home contract
: A non-refundable fee (typically 1–7% of the home's value) paid to the seller to lock in the exclusive right to buy. : A portion of your monthly rent (often
: A defined period, usually 1 to 3 years, after which you must decide whether to exercise your option to buy. Critical Risks & Reviews usually 1 to 3 years
Experts from Rocket Mortgage and AmeriSave highlight several significant risks: Lease-Option Purchases - National Association of REALTORS®