April 10, 2010
Rent to Own
Rent to Own is simply as it says: a piece of property is rented to a person, and if the person completes the period of rent, the ownership of the piece of property is turned over to him or her.
Rent to own is applied differently in the Philippines, as living spaces can be leased under this type of agreement. Apartments are offered on a very long-term lease to qualified tenants, and if they complete the contract – 20-30 years or so – the deed for the apartment can be turned over to them, making them the owners of the property.