If you choose not to buy the property at the end of the lease term, you typically forfeit the option fee and any accumulated equity. However, you’re not obligated to purchase the property, giving you the flexibility to walk away if it no longer meets your needs.

Yes, rent-to-own agreements are often negotiable, allowing you to discuss terms such as the purchase price, rent credits, maintenance responsibilities, and other aspects of the agreement with the landlord or seller.

In most cases, the purchase price is predetermined in the rent-to-own agreement, regardless of changes in the property’s value. However, it’s essential to review the terms of the agreement to understand how fluctuations in property value may impact your purchase price.

While rent-to-own can offer many benefits, there are potential risks to consider, such as the risk of forfeiting your option fee and equity if you decide not to buy the property, as well as the possibility of the landlord or seller defaulting on their obligations.

To get started with a rent-to-own agreement, contact a real estate agent or landlord who offers rent-to-own properties. They will guide you through the process, including completing an application, reviewing the terms of the agreement, and moving forward with the lease.