Rent-to-Own definition

Rent-to-Own is also sometimes called “Lease Purchase.” Many contracts use Lease Purchase as the title, but it’s basically the same thing as Rent to Own. It means that you are entering into a contract to rent a house or mobile home, and that you will someday own it if you and the landlord/seller fulfill the terms of the contract. The contract should set out the specifics of what must be done in order to become the owner after you’ve rented for a certain period of time. The details that should be in such a contract are discussed later in this article. The typical rent to own contract says that you will pay monthly rent for a certain period of time, that some or all of the monthly rent will be applied to the purchase price, and that you will someday become the owner. Until the time comes for you to be the owner, you are considered to be a tenant with a lease, and the usual landlord-tenant laws will apply to your tenancy. The contract may require you to pay an up-front amount in addition to the monthly rent and deposit. This may be similar to a down payment, or it may be considered payment for an option to purchase. (See the next section.) The contract may say that you will be renting for a certain number of months or years, and at the end of that time you will have to pay off the full amount owed to purchase the home. A “Lease with Option to Purchase” is slightly different from a regular Rent to Own contract. A Rent to Own contract usually just says that part or all of the monthly rent payment will be applied to your eventual purchase price of the home. A Lease with Option to Purchase, on the other hand, means that, in addition to your monthly rent, which may be applied to the purchase price, you agree to pay an amount of money just for the option to buy the home at some time in the future. This can be any amount, as agreed by the parties, but may be as little as $1,000 or as much as $10,000 or more, just by way of example. There is no required set amount. What you are buying is the “right of first refusal.” This means that, when you pay the agreed amount for the Option to Purchase, the landlord/seller can’t sell it to someone else without first giving you the opportunity to buy it. (As children, we may have said “I’ve got dibs on buying this house.”) The price you pay for the option may or may not be applied to the purchase price of the home if and when you decide to exercise your option to buy it. That depends on what you and the landlord/seller agreed to in the contra...
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Rent-to-Own means the purchase or rental of any good or service with payments over time and the option to purchase the good or service.ORDER
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Rent-to-Own means where Products are rented to a customer with the intention that the customer will, subject to the terms and conditions set out herein and in the Rental Contract, own such Products;
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More Definitions of Rent-to-Own

Rent-to-Own agreement is nothing more than a standard lease agreement that offers the tenant an option to purchase the property at a pre-determined price. It can sometimes involve a portion of the monthly payment being applied toward the future purchase price. However, this agreement is rarely ever filed of record and offers no protection to the Tenant. That is a great question? There are very few instances that you should pay a down payment or option fee associated with a “Rent to Own” agreement. Because there is no public record of this agreement you could very easily wind up losing this money if the owner of the property sells the property, is foreclosed upon or if you fail to pay your rent.
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Rent-to-Own agreement is nothing more than a standard lease agreement that offers the tenant
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Rent-to-Own means housing unit owned by the Band until the mortgage and all debts have been paid by the agreed upon home-owner, for the full length of the mortgage, at which time ownership will be transferred to the agreed home-owner and a Home Ownership Agreement will be signed;
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Related to Rent-to-Own

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Current Rent means, in respect of each of the tenancies subject to which the lot is sold, the instalment of rent and other sums payable by the tenant in advance on the most recent rent payment date on or within four months preceding completion.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Initial Rent means [ ] (£[ ]) STERLING yearly (exclusive of any VAT);

  • Rent Payment means the amount payable by Lessee for the Assets as specified in the applicable Schedule.

  • Annual Rent means the amount payable by Tenant to Landlord in respect of each year of the Term under Article 4.01.

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • Option to Renew is defined in subsection 6.1 of this Agreement.

  • Annual Fixed Rent See Exhibit A, and Section 3.1.

  • Annual Renewal Date means the date in any calendar year, subsequent to the year in which the Policy comes into effect, corresponding numerically with the Policy Commencement date in that subsequent year.

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);

  • Additional Rental has the meaning set forth in Section 4.03.

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Additional Rents means amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant’s allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or xxxxxx’x wages or otherwise.

  • industrial premises means any place or premises (not being a private dwelling house), including the precincts thereof, in which or in any part of which any industry, trade, business, occupation or manufacturing is being ordinarily carried on with or without the aid of power and includes a godown attached thereto;

  • To rent means to lease, to sublease, to let, or otherwise to grant for consideration the right to

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Rent Schedule means a written schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Lender.

  • Commercial Premises Means a place of trade or premises operated for financial gain, including but not limited to, a retirement village or a block of flats that has a common facility; a place of trade where the manufacture and production of products or produce takes place; a site where renovation, restoration and refurbishment work as described in Appendix B takes place.

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • Minimum Rent means the sum of Thirty-Three Million, Six Hundred Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55) per annum.

  • Rentable Area of Premises on Page 1 of the Lease shall be deleted in their entirety and replaced with the following: