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A portion of the monthly rent that may be applied toward the eventual down payment or purchase price. A (often called a Rent-to-Own agreement) is a
A (often called a Rent-to-Own agreement) is a specialized legal contract that combines a standard residential lease with a right of first refusal to buy the property. It allows a tenant to rent a home for a set period with the exclusive right to purchase it at a later date. Key Components of the Agreement When looking for a template, ensure it is
The agreement must state whether the price is locked in now or will be determined by an appraisal at the time of purchase.
When looking for a template, ensure it is specific to your state’s laws. Reliable sources for free or low-cost legal drafts include: