A contractual agreement in the Alamo City where a tenant occupies a property with the option to purchase it at the end of the lease period. Part of each rental payment contributes toward the eventual purchase price. For example, an individual might enter into an agreement on a house, paying a set monthly amount for a defined term, with a portion of that payment building equity towards ownership.
This arrangement can serve as a viable pathway to homeownership for individuals who may not currently qualify for a traditional mortgage due to credit challenges or insufficient down payment savings. Historically, it has provided an opportunity for those facing obstacles in the conventional real estate market to achieve the American dream. Its benefits include the chance to build equity while residing in the property and the potential to secure a future purchase price, mitigating risks from market fluctuations.
