You can go about this a couple of ways. The first way is what you've referred to as lease to own or rent to own. This is the loosest form of this type of agreement. Typically a buyer and seller agree to a monthly lease price for the home and discuss the possibility of purchasing the property at some time in the future. There usually isn't a contract or agreement in writing. Neither party is obligated to go through with the purchase or sale.
The second way is a more formal version of the first called a lease-purchase option. In this method the buyer and seller agree to a purchase price for the property and set a term for the option. The buyer pays the seller an agreed upon amount to "purchase the option" to buy the property by a certain date at the negotiated purchase price. The "option amount" is applied toward the purchase of the property if the buyer exercises his/her option to purchase the property. If the buyer does not exercise his/her option to purchase the property then the seller keeps the "option amount" and the buyer moves out of the property. The buyer also pays a monthly rent to the seller during the lease period.
The third way is not well known. It is called "occupancy prior to closing". In this method the buyer and seller agree to purchase price and sign a contract just like in a regular purchase and sale agreement. The difference is the seller allows the buyer to occupy the property prior to the closing date. The buyer pays a monthly rent to the seller (part of the rent can be applied to the down payment) for each month they live in the property prior to closing. On or before the date specified in the contract the buyer and seller complete the sale. This approach may be used by a buyer trying to come up with enough money for the down payment or closing costs, or may be selling another home that they need the cash from for the purchase of the new home.
If you would like help finding a home in Fleming Island and determining which of these methods is best for you, please feel free to contact me.
Good luck in your home search.
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003
C: (904) 327-5676
O: (904) 269-1716