Rent-to-Own Agreement Layout
Rent-to-Own Agreement Layout
This Rent-to-Own Agreement ("Agreement") is made and entered into on [Date] by and between:
Owner/Landlord: [Your Name]
Address: [Your Company Address]
Phone: [Your Company Number]
Email: [Your Email]
Tenant/Buyer: [Full Name of Tenant/Buyer]
Address: [Tenant's Current Address]
Phone: [Tenant's Contact Number]
Email: [Tenant's Email Address]
Property Address: [Full Property Address of the Premises]
Term of Lease: This Agreement shall commence on [Start Date] and shall continue for [Lease Term] (e.g., 12, 24, or 36 months) unless terminated earlier as provided herein.
1. Rent Payments
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The Tenant/Buyer agrees to pay monthly rent in the amount of $[Monthly Rent Amount], due on or before the [Due Date] of each month. Rent payments shall be made to [Name of Owner/Landlord] at [Payment Address or Online Payment Details].
2. Option Fee
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The Tenant/Buyer shall pay an option fee of $[Option Fee Amount] on or before [Option Fee Payment Date]. This fee is non-refundable and will be credited towards the purchase price if the option is exercised.
3. Purchase Price
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The agreed-upon purchase price for the property is $[Total Purchase Price], fixed at the beginning of the lease term.
4. Option to Purchase
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The Tenant/Buyer has the exclusive right to purchase the property during the lease term or within [Number of Days] days after the lease ends. The option to purchase must be exercised in writing by [Notification Method] on or before [Option Expiry Date].
5. Maintenance and Repairs
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Landlord’s Responsibilities: The Owner/Landlord is responsible for major structural repairs and issues related to [specify any additional areas such as HVAC, roofing, etc.].
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Tenant/Buyer’s Responsibilities: The Tenant/Buyer shall be responsible for routine maintenance and minor repairs under $[Amount Threshold].
6. Property Taxes and Insurance
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Property taxes and insurance premiums shall be the responsibility of the Owner/Landlord until the purchase option is exercised.
7. Utilities
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The Tenant/Buyer shall be responsible for all utility services (e.g., water, electricity, gas, internet) during the lease term.
8. Default
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If the Tenant/Buyer fails to comply with the terms of this Agreement, the Owner/Landlord has the right to terminate the Agreement and regain possession of the property as allowed by law.
9. Assignment and Subletting
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The Tenant/Buyer may not assign or sublet any part of the property without prior written consent from the Owner/Landlord.
10. Disclosures and Inspection
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The Tenant/Buyer acknowledges receipt of all mandatory disclosures required by law and has had the opportunity to inspect the property prior to entering into this Agreement.
11. Governing Law
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This Agreement shall be governed by the laws of the state of [State].
12. Entire Agreement
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This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations and agreements, whether oral or written.
Signatures:
Owner/Landlord Signature
Date: [Date]
Tenant/Buyer Signature
Date: [Date]
