Rent-to-Own Agreement Template: Payments and Purchase Terms

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RENT-TO-OWN AGREEMENT

This Rent-to-Own Agreement (“Agreement”) is entered into on [Effective Date], by and between:

Seller/Landlord: [Full Name], residing at [Address]

and

Buyer/Tenant: [Full Name], residing at [Address]

Property Address: [Full Street Address, City, State, Zip]

1. Term of Agreement

The Agreement shall commence on [Start Date] and end on [End Date], unless terminated earlier in accordance with its terms. Upon completion of the term and compliance with all provisions, the Buyer/Tenant shall have the option to purchase the property.

2. Rent Payments

The Buyer/Tenant agrees to pay monthly rent of [Amount in USD], due on the [Day] of each month. A portion of each rent payment in the amount of [Credit Amount in USD] shall be credited toward the purchase price if the purchase option is exercised.

3. Purchase Price and Option Terms

The purchase price of the property shall be [Amount in USD]. The Buyer/Tenant may exercise the purchase option by providing written notice to the Seller/Landlord before the expiration of the Agreement.

4. Maintenance and Repairs

The Buyer/Tenant agrees to maintain the property in good condition and perform necessary minor repairs. Major structural repairs shall be the responsibility of the Seller/Landlord, unless otherwise agreed in writing.

5. Default

Failure to make timely payments or comply with other material terms of this Agreement may result in termination and forfeiture of purchase option credits.