Lease To Own Homes Agreement
This arrangement has potential financial and other benefits to both landlords and tenants.
Lease to own homes agreement. A rent to own agreement also known as lease to own is a written document between two parties the landlord or potential seller who owns the property and the tenant or potential buyer who is leasing the property. It gives tenants the chance to purchase the home at the end of the lease. Step by step guidance throughout the process powered by rocket lawyer. A rent to own house agreement is different from a standard rental agreement.
The agreement details the arrangement between the parties to lease the property while also granting the tenant the option to purchase the property at the end of the lease term. Rent to own agreements also called lease to own agreements or lease options are traditional leases agreements that also give the tenant an option to purchase the rental property typically a single family house sometime after the beginning of the tenancy. Customize your rent to own agreement and print in minutes. This is a non refundable payment that a tenant buyer pays up front for the right to purchase the home at the end of the lease term.
Many rent to own lease agreements include provisions regarding option payments. Although if the buyer chooses to buy the property the seller will be obligated to sell under the terms of the agreement. The buyer is not bound to purchasing the property. The buyer agrees to lease the property from the seller for a predetermined rental amount during the term of the lease option agreement.
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