How to do a Rent to Own (Lease Option) in Washington?

Most Rent to Own programs work in the following manner. First you choose the perfect home that will work for you and you work out the terms with the owner, representative, or leasing agent for the property.

Next, most likely the you will be required to provide a small down payment or what is called a option payment. This down (option) payment differs by property and is typically credited towards the future purchase of your new home.

In most lease options you also get a portion of you monthly rent credited towards the future purchase of your new home as well. This monthly rent credit will differ per property and will be added to your down payment in reducing your option price.

The length of time it will take you to own your own home will depend on the length of term that is offered per property and your individual credit worthiness. Usually it is between 12 and 24 months but this is the sole descretion of the proeprty owner and you. It is just that simple to Rent to Own your new home.

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