Rent to Own agreements are based mainly on a monthly rental term where the buyer commits to pay the seller for an agreed number of months to cover both the rent in this case sometimes reffered to us interest and the purchase price. The conventional way of owning property has always been applying for a mortgage which most times customers don't qualify or save enough money to cover the purchase price. The rent to own concept allows most people to own property which otherwise they would not have been able to afford. They are able to craft their payments in relation to their budget assuming they were to pay rent, and fill in the gap by paying a huge deposit. This provides room for them to have smaller monthly installments and incase they get a windfall then there is always room to complete the payments and own the home.

As simple as it may sound, it's actually complicated and it's always advisable to get legal advice before crafting a rent to own lease or as a customer, get into one. One has to take extra precaution as the agreements are not as direct and in some cases especially when it comes to default or death matters, it may become more complex in the absence of insurance.

At Dingah Homes we have our legal team and experts to take you through the different types of Rent to Own agreements. These agreements cover both the developer who is trying to figure out how to start the process and the customer who needs to be well informed before going into any agreement. Contact us today for more information and guidance.