Leasing with the Option to Buy is not the same as Rent with the Option to Buy
Leasing with an option to buy: a renting tenant signs an agreement with a landlord stating that the tenant can buy the property at the end of a prearranged time period. The owner is obligated to sell at the option price, but the tenant is not obligated to buy. However, the tenant can buy the property only if the landlord exercises the option to sell.
The option to buy is terminated if the tenant in any way violates the lease before closing the agreement to purchase. An option to buy only gives the tenant legal title upon exercise of the option which becomes an absolute and binding contract of sale.
The tenant often pays above-market rent for the property, but a (nonrefundable) portion, called the rent credit, is credited toward the purchase price.
Rent with the Option to Buy: Together we find a home you would like to rent from those available for sale. The home is purchased by a nationwide company, who rents you the home. You can opt to continue to rent or purchase the home (at a price set at the start of the rental process) at any time during the next 5 years.
This program is simple, flexible and fair, providing families the chance to rent now, buy (or not) later on. I've helped 22 families take advantage of this excellent program.