What is a rent to own home?

A Rent To Own Home or also know as a Lease / Purchase Agreement combines a basic lease contract with an option to purchase contract.
The tenant/buyer pays to the landlord/seller a nonrefundable option deposit that is applied to the purchase price of the home when the tenant buyer exercises thier option to buy . The tenant/buyer then pays to the landlord/seller rent to the landlord/seller for the tenant/buyer's use of the property.
Rent payments are usually made on a monthly basis. A portion of that monthly payment is often applied to the purchase price and/or the down payment of the home (known as rent credit).
During the term of the lease, but before the option expires, the tenant/buyer has exclusive right to buy the home under the terms to which both parties have previously agreed.