Rent To Own Agreement - Download Free Template

RENT-TO-OWN AGREEMENT

This Lease Agreement (“Lease”) is entered by and between ______________________ (“Landlord”) and ______________________ (“Tenant”) on _______ (Date). Landlord and Tenant may collectively be referred to as the “Parties.” This Lease creates joint and several liabilities in the case of multiple Tenants. The Parties agree as follows:

PREMISES:

Landlord

hereby leases the premises located at _____________________

_________________________________ in the City of _________________, State of ________________, (the “Premises”) to Tenant.

LEASE TERM:

The Lease will start on _____________________ and will continue as a month-to-month tenancy. In accordance with the State Statutes to terminate tenancy the

Landlord

or Tenant must give the other party a written one (1) months’ notice of Lease non-renewal

The Tenant may only terminate their Lease on the last day of any month and the

Landlord

must receive a written notification of non-renewal at least ____ days prior to the last day of that month. If the Tenant plans to leave on or after the first of any month, they are responsible for that month’s full rent. If the Tenant does not provide the

Landlord

with a written ____ days’ notice, they shall forfeit their full deposit amount.

LEASE PAYMENTS:

Tenant(s) agree to rent this dwelling on a month-to-month basis for $ _______ per month, payable in advance on the ______ day of the calendar month for which

Landlord

(s) will give Tenant(s) a rebate/discount of $ _____________.

SECURITY/CLEANING DEPOSIT:

The security/cleaning deposit on this dwelling is $ _________. It is refundable if Tenant(s) leave the dwelling reasonably clean and undamaged.

However,

Landlord may apply any of all of the Security Deposit to remedy the breach, including

to cover any amount owed by Tenant and/or any damages or cost incurred by Landlord due to Tenant’s failure to comply. The Security deposit will not bear interest while held by the Landlord in accordance with applicable state laws and/or local ordinances.

OCCUPANT(S)

: Only the following ____ persons and ____ pets are to live in this dwelling described as ____________________________________________________________________.

Without Landlords' prior permission written permission, no other persons may live there, and no other pets may stay there, even temporarily, nor may the dwelling be sublet or used for business purposes.

UTILITIES ANDS SERVICES:

Charge for

☐

electricity,

☐

telephone service,

☐

cable television,

☐

heat,

☐

hot water,

☐

water,

☐

garbage pick-up,

☐

snow-removal and

☐

lawn maintenance are services/utilities provided to the apartment are included as a part of this Lease and shall be borne by the

Landlord

in addition to the following: __________________________________________.

Remarks (if any): ______________________________________________________________________

INSURANCE:

Landlord and Tenant shall each be responsible to maintain appropriate insurance for their respective interests in the Premises and property located on the Premises. Tenant understands that Landlord will not provide any insurance coverage for Tenant’s property. Landlord will not be responsible for any loss of Tenant’s property, whether by theft, fire, riots, strikes, acts of God or otherwise. Landlord encourages Tenant to obtain renter’s insurance or other similar coverage to protect against risk of loss.

ALTERATIONS:

Tenant will not make any alteration, addition or improvement to the Premises without first obtaining Landlord’s written consent. Any and all alterations, additions or improvements to the Premises are without payment to Tenant and will become Landlord’s property immediately on completion and remain on the Premises, unless Landlord request or permit removal, in which case Tenant will return that part of the Premises to the same condition as existed prior to the alteration, addition or improvement. Tenant will not change any existing locks or install any additional locks on the Premises without first obtaining Landlord’s written consent and without providing Landlord a copy of all keys.

RIGHT OF ENTRY:

Landlord or it’s agents may enter the Premises at the reasonable times to inspect the Premises

, to make any alterations, improvements or repairs or to show the Premises to a future tenant, buyer or lender. In the event of emergency, Landlord may enter the Premises at any time.

LATE CHARGES:

Rent is due on the 1

of each month. If any or all of the rent is not received by the ____ of the month, $____ per day will be charged as late fees until full rental payment is received. If rent is not received by the ____ of the month, Tenant will be considered in breach of the Lease Agreement and eviction proceedings will be initiated.

INSUFFICIENT FUNDS:

Tenant agrees to pay the charge of $____ for each check given by Tenant to

Landlord

that is returned to

Landlord

for lack of sufficient funds.

QUIET ENJOYMENT:

Tenant shall be entitled to quiet enjoyment of the Premises and

Landlord

will not interfere with that right, as long as Tenant pays

SEX OFFENDER REGISTRY:

Pursuant to law, information about specified registered sex offenders is made available to the public. Tenant understands and agrees that Tenants is solely responsible for obtaining any and all information contained in the state or national sex offender registry for the area surrounding the Premises, which can be obtained online of from the local sheriff’s department or other appropriate law enforcement officials. De pending on an offender’s criminal history, this information will include either the address at which the offender resides or the community of residence and zip code in which he or she resides.

LIABILITY:

Landlord is not responsible or liable for, and Tenant hereby agrees to indemnify, defend and hold Landlord harmless from, any loss, claim, damage or expense as a result of any accident, injury or damage to any person or property occurring anywhere on the Premises, unless resulting from the negligence or willful misconduct of Landlord.

DAMAGES TO PREMISES

If the Premises are damaged by fire or other serious disaster or accident and the Premises become uninhabitable as a result, Tenant may immediately

leave

the Premises and terminate this

contract

upon notice to Landlord, including the

Purchase

Option contained herein. Tenant will be responsible for any unpaid rent up to the day such fire, disaster or accident, but

will

then be entitled to

a proportional portion of the credit, if applicable

The tenant would have received if the tenant had exercised the call option and completed the transaction on the

Premises. If the Premises are only partially damaged and inhabitable, Landlord

can carry out the complete repairs and will do so within a reasonable and rapid time.

Rent may be reduced while repairs are in progress, but only at the discretion of the landlord.

NOTICE

: Tenant(s) will give ______ days' notice in writing before they move and will be responsible for paying rent through the end of this notice period or until another tenant approved by the

Landlord

(s) has moved in, whichever comes first.

REFUND OF DEPOSIT

Landlord

s will refund all deposits due within _________ days after Tenants has/have moved out completely and returned the keys.

POSSESSION AND SURRENDER OF PREMISES:

Tenant shall be entitled to possession of the Premises on the 1

day of the Lease Term. At the expiration of the Lease, Tenant shall peaceably surrender the Premises to the

Landlord

’s agent in good condition, as it was at the commencement of the Lease, reasonable wear and tear excepted.

USE

OF PREMISES:

Tenant shall only use the Premises as a residence. The Premises shall not be used to carry on any type of business or trade without prior written consent of the

Landlord

. Tenant will comply with all laws, rules, ordinances, statutes and orders regarding the use of the Premises.

TRANSFER

PREMISES:

If the Tenant does not exercise the purchase option, the Tenant will deliver and return the premises to the Landlord immediately upon expiry of the term or termination of this Contract, clean and in as good condition as at the beginning of this Lease, except in the event of reasonable wear and tear. The Tenant must give the keys to the premises to the Landlord when leaving the premises.

PURCHASE

OPTION:

Landlord hereby grants Tenants the

ption to

urchase the Premises AS IS. The total purchase price for the Premises will be determined and agreed

by the

arties

at the later

date

(the Purchase Price), subject to the terms and conditions set

out

herein.

TERM:

The purchase period starts on

and expires on

EXERCIS

E OF THE

OPTION:

To exercise the

Purchase Option

, Tenant must

provide

Landlord

written notice of his or her intention to purchase the Premises before the expiry of the Purchase Option

. The written notice must specify a valid closing date for the purchase,

which must be prior to the last of the original expiry dates of this Contract or the expiry date of the purchase option.

EXCLUSIVITY OF OPTION:

The

Purchase

Option is exclusive and non-assignable and exist solely for the benefit of Tenant.

the Tenant attempts to assign, transmit, delegate or transfer the Purchase Option without the express written consent of the Landlord, such attempt will be considered null and void and the Purchase Option may be cancelled at the discretion of the

Landlord,

which shall subject all credits otherwise due to Tenant at the Closing to be forfeited by Tenant.

AMENDMENTS:

The parties hereby agree that this document contains the entire agreement between the parties and this Agreement

shall not be modified, changed, altered or amended in any way except through a written amendment signed by all the parties hereto.

GOVERNING LAW

: The Purchase

ption Contract will be governed, construed and interpreted by, through and under the Laws of [SPECIFY].

TENANTS AGREE TO THE FOLLOWING:

1) to accept the dwelling "as is," having already inspected it.

2) to keep yards and garbage areas clean.

3) to keep from making loud noises and disturbances and to play music and broadcast programs at all times so as not to disturb other people's peace and quiet.

4) not to paint the dwelling without first getting Landlord(s) written permission.

5) to park motor vehicles in the assigned space and to keep that space clean of oil drippings and grease.

6) not to repair motor vehicle on the premises (unless it is in an enclosed garage) if such repairs will take longer than a day.

7) to allow Landlord(s) to inspect the dwelling, work on it, or show it to prospective tenants at any and all reasonable times.

8) not to keep any liquid-filled furniture in this dwelling.

9) to pay rent by check or money order made out to the Landlord(s) (returned checks will have applicable late payment fees).

10) to pay for repairs of all damage, they or their guests have caused.

11) to pay for any windows broken in the dwelling while they live there.

Violation of any part of this Agreement or nonpayment of rent when due shall be cause for eviction under applicable code sections. The prevailing party (shall/shall not) recover reasonable legal service fees involved.

IN WITNESS THEREOF, the Parties have caused this Lease to be executed on the day and year first above written.

LANDLORD

____________________________________________

Signature

Name (print) _________________________________

TENANT(S)

_____________________________________________

Signature

Name (print) __________________________________

_____________________________________________

Signature

Name (print) __________________________________

Rent To Own Agreement - Download Free Template Rent To Own Agreement - Download Free Template

Rent To Own Agreement - Download Free Template