Rent is often set higher than the market average, with a portion of the extra payment (a "rent credit") potentially applied toward the eventual down payment.
A lease option typically combines two distinct legal documents: a standard residential lease and an option agreement. lease with option to buy
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The tenant pays a non-refundable upfront fee (often 1–5% of the purchase price) to secure the exclusive right to buy the property. protecting the buyer from market appreciation.
The future sale price is usually locked in at the start of the lease, protecting the buyer from market appreciation.