Rent to Own Agreement Contract
Rent to Own Agreement Contract
This Rent to Own Contract Contract ("Contract") is entered into on April 5, 2050, between [Landlord's Name], located at [Landlord's Address], referred to herein as the "Landlord", and [Tenant's Name], located at [Tenant's Address], referred to herein as the "Tenant". This Contract outlines the terms and conditions under which the Landlord agrees to lease the property described herein to the Tenant with the option for the Tenant to purchase the property at the expiration of the lease term. Both parties acknowledge and agree to the terms outlined in this Contract and affirm their intention to abide by them.
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1. Property Description
The Landlord agrees to rent to the Tenant, and the Tenant agrees to lease from the Landlord, the following described real property:
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Address: [Property Address]
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Description: [Description of the property]
2. Lease Term
The term of this lease shall be 5 years, commencing on April 5, 2050, and ending on April 5, 2055.
3. Rent Payments
The Tenant shall pay rent to the Landlord for $1500 per month, payable in advance on the 1st of each month.
4. Option to Purchase
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The Tenant shall have the option to purchase the property described herein upon the expiration of the lease term for the sum of $300,000.
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To exercise this option, the Tenant must provide written notice to the Landlord at least 90 days before the expiration of the lease term.
5. Rent Credit
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A portion of the rent paid by the Tenant each month shall be credited toward the purchase price of the property as follows: $Amount: 300 per month.
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The total rent credits accumulated by the Tenant shall not exceed $18,000.
6. Maintenance and Repairs
The Tenant shall be responsible for all maintenance and repairs to the property during the lease term, including but not limited to routine maintenance, repairs due to Tenant negligence, and repairs resulting from normal wear and tear.
7. Default
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In the event of default by the Tenant under this contract, the Landlord shall have the right to terminate the lease and retain all rent credits accumulated by the Tenant.
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Default includes, but is not limited to, failure to pay rent, failure to maintain the property, or breach of any other terms of this contract.
8. Governing Law
This contract shall be governed by the laws of [State/Country].
9. Entire Agreement
This contract constitutes the entire understanding between the parties and supersedes all prior agreements, whether written or oral.
In Witness Whereof, the parties have executed this contract on the date first above written.
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[Your Name]
[DATE SIGNED]
[Tenant Name]
[DATE SIGNED]
