A rent-to-own lease agreement is similar to a typical residential lease agreement in that it sets up all the important terms of a lease or rental agreement between a landlord and tenant. In addition, it allows the tenant the option to eventually purchase the apartment or house when certain conditions are met.
In addition to the usual provisions in a lease, this agreement allows you to customize the price the tenant pays for receiving the option to purchase, the purchase price for the unit, any interest rate associated, and the amount of time for which the purchase option is available. The agreement also allows you to include additional provisions related to rent concessions, furnishings provided, a lead paint disclosure, responsibilities of the tenant and landlord, and a move-in/move-out checklist.
LegalNature will use a few easy steps to help you quickly draft a strong rent-to-own lease agreement that will provide you with thorough protection you can rely on.