Rent to own is a lease with an option to buy at a later date, usually 2-3 years. It is not ownership. There is no financing involved. You are renting the property until you either exercise the option or move out. Essentially, you're just locking in the purchase price with the option nonrefundable option money payment.
Seller financing is a completely different topic. In that case, the lawyer draws up a promissory note for buyer and seller to sign. The seller can foreclose on the property if the note is in default. The note is a legally binding financial instrument that is registered with the county clerk's office as a lien against the house.
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