Rent to Own?

Question

Is Rent to own the same things as a Land contract. And If Not..What is the difference?

Answer 1

Land contract generally means that the seller is financing the sale. Rent to own generally means that you are planning to buy the property, but still paying rent and some portion of that is going toward the purchase price.

Answer 2

Rent To Own is commonly referred to as a "Lease Purchase" or "Lease Option", which simply means you're leasing a property with the intent to purchase it for a pre-agreed upon price and terms, and within a certain time frame.

Land Contract or "Installment Contract" is where the seller is acting as the mortgagor (lender) and allowing you to make payments (installments) over a period of time.

Obviously, both of these are much more complicated than can be explained in this forum.

Answer 3

its different, rent to own is self explainatory. while land contract, Land contract (a.k.a. contract for deed or "installment sale agreement") is a contract between the owner of the real property (called the "vendor" or the "seller") and a person who wants to buy the property (the "vendee", "contract purchaser", "purchaser" or "buyer")for an agreed-upon purchase price.