Home Rent to Own Contract
Home Rent to Own Contract
This Home Rent to Own Contract ("Contract") sets forth the terms and conditions governing the rental and potential purchase of the property located at [Property Address]. The Contract is entered into between [Your Name] ("Landlord"), the owner of the property, and [Tenant's Name] ("Tenant"), the individual seeking to rent with the option to own the property. Both parties acknowledge and agree to the terms outlined herein, which are designed to facilitate a fair and transparent rental agreement with the potential for future property ownership. It is essential for both parties to thoroughly review and understand the terms of this Contract before signing.
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1. Term of Lease
The term of the lease shall commence on January 1, 2050, and shall continue until December 31, 2050. During this period, the Tenant agrees to rent the property from the Landlord for a monthly rent of $1,500 to be paid on the 1st of each month.
2. Option to Purchase
The Tenant shall have the option to purchase the property during the term of this lease contract, with the following conditions:
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The purchase price of the property shall be $300,000. This price is locked in for the duration of the lease term and shall not be subject to change.
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The Tenant shall notify the Landlord in writing of their intent to exercise the option to purchase at least 90 days before the end of the lease term.
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Upon receipt of the Tenant's written notice of intent to purchase, the Landlord agrees to sell the property to the Tenant under the terms and conditions outlined in this Contract.
3. Rent Credits
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A portion of the monthly rent paid by the Tenant shall be credited towards the purchase price of the property. The amount of rent credited each month shall be $200.
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The total rent credits accumulated by the Tenant shall be applied toward the purchase price of the property at the time of closing.
4. Maintenance and Repairs
During the term of this lease contract, the Tenant shall be responsible for all routine maintenance and repairs of the property, including but not limited to landscaping, snow removal, and minor repairs.
5. Default
If the Tenant fails to fulfill any of the obligations outlined in this Contract, including but not limited to payment of rent or maintenance of the property, the Landlord shall have the right to terminate this Contract and retain all rent credits accumulated by the Tenant.
6. Governing Law
This Contract shall be governed by and construed by the laws of [State/Country].
7. Entire Agreement
This Contract constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements, whether written or oral.
In Witness Whereof, the parties hereto have executed this Contract as of the date first above written.
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[Your Name]
[DATE SIGNED]
[Tenant Name]
[DATE SIGNED]
