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Put simply – a rent to own contract is an agreement between the landlord and tenant over a specific property. The tenant has the option to put their rent towards the actual purchase of the property.
Rent To Own contracts can be quite tricky, which is why this is one of our most popular agreements. Our rent to own contract above will take you through ALL possible information that you may wish to include in your rent to own contract agreement.
A lot of the information in a rent to own agreement is the same information you would find in a lease agreement. To quickly cover that: inside a rent to own contract you will provide the name and address of both the landlord and tenant, as well as the type of property that is being rented, and the address of the property.
You may also wish to include basic guidelines as to whether pets are allowed on the property, or whether smoking is allowed on the premises as well. A standard lease agreement also may offer information in regard to parking and any restrictions, and whether or not the tenant can sublet the premises. These are details that should be included in your rent to own agreement or at least considered.
Where the rent to own agreement differs from the lease agreement is as follows: first of all, the tenant may require independent legal advice prior to signing the agreement. If so, then this should be noted within your rent to own form. If there is an existing lease agreement then you should mention that within the rent to own letter, and the date that agreement was signed.
The purchase price of the premises should be listed within your rent to own contract, as well as the amount of money that it will cost for the option to purchase – an amount which is non-refundable, and which shall be credited to the purchase price of the property.
The amount of rent should be listed, as well as the amount of rent that is applied to the purchase price. Details in regard to the payment – where they should be made, how often, how they should be made out, if there is any penalty for late payments or returned checks etc – should also be listed.
Other basic information that you should include in your rent to own contract is any tenant responsibilities or duties around the property. If there is any lead paint on the property this should of course also be mentioned.
Rent to Own contracts are very tricky – but don’t go to an expensive lawyer to get a rent to own agreement written up. We’ve made it simple for you. Simply fire through our form above inserting all the details that you need and within minutes you will have a rent to own template all set up and ready to go.
Our rent to own contract is free to input data in, and free to check out a blank or even completed rent to own agreement template. However please note that to access the rent to own contract for printing, you will need to pay a small fee. This is due to the complexity of our rent to own form – there are so many things that one can include in a rent to own contract and so we’ve attempted to cover as much as possible. A lot of work has been put into delivering you a professional rent to own agreement, while also leaving things as simple for you as possible.
Upon completion of your rent to own agreement, you will have an account automatically created for you. The form is available for both download and printing immediately. We offer it in PDF, HTML and RTF format.