What is a residential lease purchase agreement?
The option is also known as rent to own and gives the tenant the option to purchase the property when the Landlord wants to sell it. For instance, the tenant cannot develop a sizeable down payment and has a low credit score and doesnt qualify for a mortgage loan. It gives the tenant a way to purchase the renal property. The fee to avail the tenant pays the option at the beginning of the rental lease agreement. It gives the tenant an exclusive right to purchase the property for a set price within a certain period of time.Visit Forms.legal to create your free rental lease agreement now!