Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

How do rent-to-own contracts work?

Clients come to us with many different types of real estate issues. They may be buying a home for the first time or they may be trying to divide a home after a divorce. One topic that may be of interest to our readers and those considering buying a home is the choice of renting to own.

A rent-to-own option basically gives a renter time to secure financing and possibly save up some money for a down payment on the house. At the same time, the property owner is able to get his or her mortgage payments paid in full or partially using the rent payments. This can be a good way to sell a house when the market is full of houses that are for sale.

The renter may decide to rent for the next few years and then buy the property in the end. There is a difference between a lease option and a lease purchase. A lease option means the renter has the option of buying the house later on but there is no agreement set. A lease purchase is when the renter has signed an agreement with the property owner that says he or she will eventually buy the property.

It’s important to understand the contract that you are signing no matter what side of the sale you are on. If a renter is not able to buy the property at the end of the rental period, he or she may lose the deposit on the house. A real estate attorney can make sure the contract between the seller and renter is solid so that everyone can come out of the process with a positive outcome.

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us