Rent is often set higher than the market average, with a portion of the extra payment (a "rent credit") potentially applied toward the eventual down payment.
A key feature of a lease option is that the tenant has the right but not the legal obligation to buy. In contrast, a lease purchase agreement legally binds the tenant to complete the sale. What is a lease option? - Rocket Mortgage
A lease option typically combines two distinct legal documents: a standard residential lease and an option agreement.
27 Apr 2026 — What is a lease option and how does it work? * Have you recently considered buying a house but aren't sure you're ready to commit? Rocket Mortgage
The tenant pays a non-refundable upfront fee (often 1–5% of the purchase price) to secure the exclusive right to buy the property.
