4 Answers

We entered a rent to own contract and mistakenly put a lot of money down. We had to make the purchase or we would have lost our money. Read the contract well, and do not put down more than you are willing to lose. Some owners want you to break the contract so they can keep your money. Ours did.

Colleen

Good advice.

THE CONTRACT, as you have been advised, should state all the terms and conditions.  My understanding is that, at the end of the "lease", you have the option to purchase the home. If you choose to do so, a portion of the "rent" you have paid is applied toward the purchase. 

Before signing any contract of this nature, I would take it to a lawyer, experienced in real estate transactions.   He/she will be able to give you the correct advice and/or warnings.

Be very of rent to buy, they sound all good when you have no deposit, but you can end up paying interest only and your monthly loan repayments maybe twice the amount a bank can offer you.

Depends on the terms, but generally this only helps the owner out , a lot of people become homeless or destroy there credit ratings by doing this so really do your research. You may be better seeing a bank.