This Rent to Own Contract is a prefabricated contract created and designed in JotForm`s PDF format. This model contains the essential provisions that allow the parties to consider a lease agreement for the possession of a property subject to contract if they can simply provide the necessary information and the rest is provided for the form of their applicability. A special tenancy agreement is used when a tenant wishes to rent a property for a specified period of time, usually several years, and has the option of acquiring the property at the end or before the end of the period. Often, the tenant cannot buy the house immediately for a number of reasons – because they don`t have the money for a down payment, they don`t have enough credit points, they don`t have credit or they`re not ready to commit. And in a slow market, a lease option contract gives a seller more options as he or she earns a stable income. Rent for one`s own contract is not so unusual. This is a traditional lease where you have the option to buy the leased property after the start of your rental. You and your landlord can benefit financially from such an agreement. Here are the main components of rent to own model contracts: After the rental portion of the contract has been agreed, the parties can meet to decide the terms of the tenant`s option for the purchase of the property. The tenant and landlord negotiate the following: The lessor is required to make available a lease agreement with an option to purchase ready to be signed by both parties. In addition, the parties must bring the following: If you sign on a rental agreement, you agree to buy the house at the expiry of the lease. This agreement gives you time to get financing if you are not currently able to buy the house.

The downside of this situation is that you can`t change your mind so easily. Buyers may not be willing to make the purchase at the end of the rental period. Potential buyers may lose their jobs, have an illness or simply not be able to pay off their debts. And in the end, the investment paid for the option fees and the extra rent paid is lost. The tenant must pay a rent of 1500 for the agreed term. This contract template should be downloaded in one of the available formats. Select your favorite format by clicking on the PDF buttons (Adobe PDF), Word (Microsoft Word (.docx)) or ODT (open document text (.odt)) that will label the preview.