Rent-to-Own ContractsBoth sides of the agreement must have the contract reviewed by a lawyer, because multiple issues must be addressed. Any lease agreement should include:
- Length of the lease period.
- Rent amount.
- Rent credit for down payment and how it will be held until the time of purchase. Both sides need to agree in writing what will happen to the credit if the renters opt out of buying at the end of the contract.
- Who will pay property taxes, insurance, and homeowner fees during the lease period.
- Who will pay for utilities, maintenance, and repairs during the lease period.