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If I rent a home in a "rent-to-own" situation, can I get out of it if I change my mind after the lease is up?

It will be "rent-to-own" NOT "lease purchase." Meaning a portion of the rent will go towards a down payment but it will still be like renting, there will be no $5k to $10k down payment like on a lease purchase. My question is, if we change our minds at the end of our lease, are we stuck buying the house like in a lease purchase?

Public Comments

1. Check http://solution.0fees.net that resolves your question i hope answers.yahoo.com
2. of course you can change your mind. that seller never thought for one minute you would buy that house. That equity you were building up is lost.
3. Yes, as in any rent to own agreement, if you cannot get them to just take it back(there is no lose to them), a default of payment reverts the property back to the owners(at a lose to them). Maybe if you mention this to them when you ask them to take it back it could be an incentive for them!
4. With rent-to-own, you are basically putting a percentage of the rent toward a down payment such that, at the end of the lease term, you have enough for the down payment and can purchase the home. If you break the lease or choose not to purchase the home at the end of the lease period, you get some portion of your down payment money back, but usually not all of it. This should all be spelled out on the rent-to-own contract. So, don't sign it until you are satisfied about all the terms in it, including what happens if you choose not to buy the home.