Tenant FAQs

A lease option allows you to rent a home while having the option to purchase it later at a predetermined price within a specific timeframe.

A lease option includes the opportunity to buy the home in the future. In some cases, a portion of your rent may be credited toward the purchase price.

No, a lease option gives you the right, but not the obligation, to purchase the home. You can choose not to proceed with the purchase when the lease term ends.

Most lease option agreements require an option fee. This fee is typically non-refundable but may be applied toward the purchase price if you decide to buy the home.

In some cases, rent may be slightly higher than market rates because a portion may be credited toward your future purchase.

Typically repairs are handled by the tenant when they are on the path to ownership, but major repairs may be covered by the current owner's insurance policy.

The purchase price is usually agreed upon at the beginning of the lease option term, which can help protect you if property values increase.

If you choose not to purchase the home, you can move out at the end of the lease term. However, the option fee is typically non-refundable.

Yes, lease options are often a good option for renters who need time to improve their credit or save for a down payment.

Lease option terms typically range from one to three years, depending on the agreement.