Rent-to-Own Agreement
Note: This is just a summarized Draft. We will send you the complete document in PDF when necessary
Introduction to Rent-to-Own
Rent-to-own is a flexible home purchasing option that allows tenants to rent a property with the intention of buying it after a specified period. This arrangement provides the opportunity to build equity while living in the home, making it a great option for those who may not be ready to secure traditional financing immediately.
1. Buyer Information
- Name:
- Address:
- Phone Number:
- Email Address:
2. Property Details
- Property Type: Tiny Home
- Model Name/Number:
- Monthly Rent Amount:
- Total Purchase Price:
3. Terms and Conditions
a. Rent Payments
- Monthly Rent Amount:
- Due Date: 1st of each month
- Late Payment Penalty: (5% of the overdue amount after a 10-day grace period)
b. Option to Purchase
- Option Fee: (Non-refundable fee paid upfront to secure the option to buy)
- Purchase Price: (Agreed upon at the start of the agreement)
- Rent Credit (A percentage of monthly rent that will be credited toward the purchase price): 50%
c. Duration of Agreement
- Lease Term: (e.g., 1 year, 2 years)
- Purchase Option Period: (The timeframe in which the buyer can exercise the option to purchase)
4. Requirements
- Credit Check: The buyer agrees to undergo a credit check.
- Income Verification: Provide proof of income or employment status.
- Insurance: The buyer must maintain renters insurance on the property.
- Maintenance Responsibilities: The buyer is responsible for routine maintenance and repairs during the rental period.
5. Default Terms
In the event of default, the seller reserves the right to:
- Terminate the agreement and retain any option fees and rent credits.
- Seek legal remedies to reclaim the property.
6. Acknowledgment
By signing this agreement, both the buyer and seller acknowledge that they have read and understood the terms and conditions outlined above and agree to abide by them.
Buyer Signature: __________
Date: __________
Seller Signature: __________
Date: __________
Introduction to Rent-to-Own
Rent-to-own is a flexible home purchasing option that allows tenants to rent a property with the intention of buying it after a specified period. This arrangement provides the opportunity to build equity while living in the home, making it a great option for those who may not be ready to secure traditional financing immediately.
1. Buyer Information
- Name:
- Address:
- Phone Number:
- Email Address:
2. Property Details
- Property Type: Tiny Home
- Model Name/Number:
- Monthly Rent Amount:
- Total Purchase Price:
3. Terms and Conditions
a. Rent Payments
- Monthly Rent Amount:
- Due Date: (e.g., 1st of each month)
- Late Payment Penalty: (e.g., 5% of the overdue amount after a 10-day grace period)
b. Option to Purchase
- Option Fee: (Non-refundable fee paid upfront to secure the option to buy)
- Purchase Price: (Agreed upon at the start of the agreement)
- Rent Credit: (A percentage of monthly rent that will be credited toward the purchase price, e.g., 20%)
c. Duration of Agreement
- Lease Term: (e.g., 1 year, 2 years)
- Purchase Option Period: (The timeframe in which the buyer can exercise the option to purchase)
4. Requirements
- Credit Check: The buyer agrees to undergo a credit check.
- Income Verification: Provide proof of income or employment status.
- Insurance: The buyer must maintain renters insurance on the property.
- Maintenance Responsibilities: The buyer is responsible for routine maintenance and repairs during the rental period.
5. Default Terms
In the event of default, the seller reserves the right to:
- Terminate the agreement and retain any option fees and rent credits.
- Seek legal remedies to reclaim the property.
6. Acknowledgment
By signing this agreement, both the buyer and seller acknowledge that they have read and understood the terms and conditions outlined above and agree to abide by them.
Buyer Signature: __________
Date: __________
Seller Signature: __________
Date: __________
