Whenever you require going through a contract it looks wise to check for the template and makes a clear idea about the deal. The online rent to own contract templates are a very good option for this purpose as these are customizable and printable for the user need.
What is rent to own contract?
The rent to own contract is a legal deal involving the resident and the owner of the property in a situation when the resident is will to purchase the property in near future. While making this agreement, the tenant pays a handful amount to the landlord that is considered as down payment for the purchase when the purchase time reaches.
How to write a rent to own contract?
The agreement must be on the legal papers as your legal adviser suggests you and following points must be considered while preparing the lease purchase contract.
- Write the title of the agreement and it should clarify the status of both the entities that who is the owner of the property and who has possession under the rent agreement.
- The location of the property should be mentioned clearly and documents about the property can be added and referenced in the contract statement.
- Spell out the date of the agreement and also the date when the tenant will move in the property if he still has not the possession or the date when he has moved in the property in case he has possession already.
- The date of completion if the contract when the tenant is bound to complete the payment and transfer of title of the property.
- Clearly mention the price of the property and any down payment or other financial issues in the contract.
- Specify the amount of rent which will be paid monthly.
- Include all your terms and condition in the agreement and get it signed by both the parties with a legal witness.
Create your own Rent To Own Contract Form by using the following template,
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Download Rent To Own Contract Template in Open Office Writer (.ODT), PDF and MS Word (.DOC) format.