What is a Rent-to-Own Scheme?

The rent you pay may be credited to accumulated payment of the total contract price of the sale. The tenant has the Right of First Refusal.

Distinguish it from Installment Buyer. In installment buyer, the right of first refusal is based on the Contract to Sell. In Rent-to-Own, the right of first refusal is based on the Lease Contract.

I assume you can define Right of First Refusal, that is BASIC real estate knowledge.

By the way, the terminology "rent-to-own" is actually wrong. It is wrong because it creates an impression that you can rent it and at the same time claim ownership of it. It should have been "Rent-to-Purchase", meaning, you are renting it with intention to purchase it.