Other Names: Rent to Own Contract Lease Purchase Agreement Lease to Purchase Agreement Lease to Own Agreement Rent to Own Lease Agreement Rent to Own Agreement Form Lease Option Agreement Option to Purchase Lease Agreement
A Rent-to-Own Agreement is a lease agreement that adds the option of purchasing the property during the term of the lease. Rent-to-Own Agreements can help to facilitate the sale of a property with a buyer who needs to secure funding.
A Rent-to-Own Agreement includes much of what you'd see in a standard Lease Agreement, such as monthly payments and due dates, grace periods and late fees, property descriptions, tenant's and homeowner's names, and the number of years the lease will last. But a Rent-to-Own Agreement will also include details like the option fee, how much of the rent goes towards the purchase, terms for violating the agreement, and how the purchase price of the property will be determined.
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