Minnesota rent to own:
Its an alternative way to buy a home.
Rent-to-own agreement, also called a lease option or a lease-to-own agreement.
When buyers sign this kind of contract, they agree to rent the home for a set amount of time before exercising an option to purchase the property when or before the lease expires.
Remember you are renting the property you do not own it so DO NOT PUT ALOT OF MONEY INTO THE PROPERTY TILL YOU PURCHASE IT.
I have seen people put alot of money in the property and to find out they cannot get a loan. The Renter is out all the money when the contract is up.
We do not do a lot of these types of transaction due to the buyer not having alot of protection. We recommend contract for deeds see more details on this information on our website.