Are we required to go through a bank on a rent to own agreement? Posted on June 01, 2011

Am interested in finding out if I went into a rental lease with it being a rent to own and the supposed owner of the home placed in our rental agreement under clause #27 Purchase Option... "At anytime during the lease period Tenants shall have the option to purchase the Home. The purpose price shall be $116,500.00. At landlord's option not more than 10% of the 1st year's rental fees will be applied to the purchase price. If Tenants is unable or declines to purchase said property all fees and deposits shall be forfeited to Landlord." With that being said, are we as renters who is interested in the rent to own, required going through bank financing with that statement prior to our payments made being applied toward our purchase or for us to be able to purchase at all?

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