Rent-to-own leases are similar in many ways to contracts for deeds: long-term, high-interest installment contracts that call for the resident to make monthly payments to the seller. Unlike a contract for deed — which typically lasts 30 years, at the end of a Vision contract, tenants still need to find financing to complete the deal. The buyer does not receive legal title to the home until the last payment is made.
Source: Rent-to-Own Homes: A Win-Win for Landlords, a Risk for Struggling Tenants – The New York Times