Buyers may not be willing to make the purchase at the end of the rental period. Potential buyers may lose their jobs, have an illness or simply not be able to pay off their debts. And in the end, the investment paid for the option fees and the extra rent paid is lost. Accommodation Rental Contract This form is not intended for use if ”option to purchase” is available. South Carolina State County this lease agreement between ”tenant” and so-called ”owner”), must provide as follows: the landlord… Lead-Based Paint Disclosure – Necessary to join the agreement if the property was built before 1978. A rental agreement, also called the Rent to Own Agreement, is a contract between a landlord (or seller) and a tenant that allows the tenant to rent the property for a period ranging from one (1) to several years, with the additional option that the tenant can acquire the property at the end of the term, if he wishes. In other words, the agreement can be considered as two (2) separate documents, compiled into one document; a standard housing lease and a sales contract. Be sure to read the text of the agreement carefully. Some leasing contracts create an obligation, not the OPTION, to buy the property. The introductory paragraph will provide the text in order to consolidate its date and the parties concerned. Use the first space to document the month, civil day and year of this agreement.
For the empty second line, the full name of the ”seller/owner” must be displayed. He`s the owner of the land. The empty line called ”” should have the full name of the person who wishes to rent and possibly acquire the property in accordance with the requirements of this document. We will use the surfaces in the second paragraph to present the property that the seller/owner will rent and sell it to the buyer/tenant without any event. Start with the provision of the county and state in which this property can be found and physically accessible on the first two spaces. The building number, street name and, if applicable, Unite number must have the blank line of the phrase ”Search for the actual property having A Street Address Of.” As a lease-to-own is a kind of combination between a rental agreement and a real estate purchase agreement, there are many details that you need to include. Make sure all the details below are included when developing your contract. As a general rule, the option to purchase the property is only available for a predetermined period of time. Declare the first calendar date at which the buyer/tenant can purchase the property on an empty line between the term ”Start a period” and the label ”month, day, year,” and then indicate the last date of the calendar at which the buyer/tenant can purchase the property in the empty second line.