March 30, 2007, Newsletter Issue #23: Option Consideration For Rent To Own
Tip of the Week
When you sign a lease for your rent-to-own home, you are also often required to put down what is called an option consideration. An option consideration is a percentage of the purchase price of the home, usually between 2% and 7%. It is usually a non-refundable payment, of which 100% is usually credited toward the purchase price of the home, which binds the lease purchase contract. You will have to come up with option consideration money as well as the first months rent to be considered for a rent to own home purchase.
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