Free template
Rent-to-Own Agreement Template – New York
Prepare a Rent-to-Own Agreement in New York with built-in purchase option terms for flexible property ownership.
Downloaded 2627 times
Download template
Rent-to-Own Agreement
This Rent-to-Own Agreement ("Agreement") is entered into on [Effective Date], by and between:
Seller/Landlord: [Full Legal Name], residing at [Address]
and
Buyer/Tenant: [Full Legal Name], residing at [Address]
Property Address: [Full Street Address, City, State, Zip]
1. Parties, Property, and Term
The Parties and Property are identified above. The Term runs from [Start Date] through [End Date], unless ended earlier under this Agreement. Provided the Agreement is in good standing, the Buyer/Tenant may elect to purchase as set forth herein. A status review shall occur around [Mid‑Term Date] to reconcile credits.
2. Option Fee; Monthly Rent and Credits
An option fee of $[Option Fee] is due on execution (☐ applied to price ☐ non‑refundable). Monthly rent is $[Rent Amount], due on the [Day]; of each payment, $[Credit Amount] accrues as a conditional credit toward the purchase price at closing. If the option is not exercised, credits do not convert to a refund unless expressly stated.
3. Price; Exercise Mechanics; Deadlines
Purchase price is $[Price] or determined by [Formula/Appraisal Method]. Buyer/Tenant shall deliver written Notice of Exercise by [Notice Deadline] and target closing on or before [Closing Deadline]. Time is of the essence regarding all option dates.
4. Disclosures; Access; Inspections
Seller/Landlord will share available disclosures and provide reasonable access for appraisal and inspections within [Inspection Period] days and thereafter upon reasonable notice. If material defects are discovered, the Parties will negotiate repair, credit, or termination as specified here: [Remedy Path]. Failure to agree within [X] days allows either Party to proceed per the agreed remedy.
5. Care of Property and Repairs
Buyer/Tenant shall keep the premises in neat and sanitary condition and perform ordinary maintenance up to $[Minor Cap] per occurrence. Seller/Landlord remains responsible for major systems and structural integrity unless damage results from misuse. All alterations require prior written consent and must be performed by qualified professionals.
6. Insurance, Taxes, and Services
Seller/Landlord maintains property insurance and taxes during the lease period unless otherwise agreed; Buyer/Tenant carries renters liability insurance naming Seller/Landlord as additional interest. Utilities/HOA and services allocation: [Allocation Details]. Proof of insurance shall be furnished on request.
7. Financing Cooperation and Closing
Buyer/Tenant will arrange financing; Seller/Landlord shall provide customary documents reasonably requested by the lender. At closing, applicable credits and the option fee will be applied to the purchase price, and title will transfer by [Deed Type]. Closing costs: Buyer/Tenant [List]; Seller/Landlord [List].
8. Defaults; Cure; Remedies
Non‑payment, uninsured occupancy, or material breach constitutes default. Default by Buyer/Tenant may result in termination, possession recovery, and retention of option consideration to the extent allowed by law. Seller/Landlord default may permit specific performance, fee/credit return, or other lawful remedies.
9. Assignment; Subletting; Early Exit
Assignment or subletting requires prior written consent; unauthorized transfers are void. Parties may negotiate an early exit plan in good faith for documented hardship. All security devices must be returned at vacate date.
10. Governing Law; Integration; Notices
Governing law is [State]; this document is the complete agreement. Modifications must be written and signed; notices delivered per Section [Notices]. Severability and non‑waiver apply.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.
Seller/Landlord:
[Printed Name]
Signature: ______________________________
Date: ______________________________
Buyer/Tenant:
[Printed Name]
Signature: ______________________________
Date: ______________________________
No time to fill it up? Generate your custom agreement with AI Lawyer in seconds
Details
Learn more about
Rent-to-Own Agreement Template – New York
New York Rent-to-Own Agreement FAQ
Q: How are credits documented?
A: Maintain a monthly statement and share it by email for confirmation. Reconcile 30 days before closing. Both Parties should initial the final ledger.
Q: How to structure inspection rights?
A: Allow an initial window and limited follow‑ups with notice. Define remedies for material defects with short decision timelines. Keep all reports organized for lenders.
Q: What if financing is delayed?
A: Permit one short extension tied to lender documentation. Set a firm backstop date. Clarify treatment of option consideration if deadlines fail.
Q: How should late rent be treated?
A: State grace period and fee and offer a written cure where appropriate. Consistency supports predictability. Encourage early communication.
Q: Who controls pre‑closing alterations?
A: Require written consent and decide whether improvements remain or must be removed. If removable, restore without damage. Use photo records.
Q: What if the option is not exercised?
A: The lease ends and option expires; credits generally do not refund unless the Agreement says so. Security deposit handling follows lease law. Document move‑out condition.
Q: How to allocate closing costs?
A: List buyer vs. seller responsibilities and agree early. Share a draft settlement statement ahead of closing. Avoid last‑minute renegotiations.
Q: Are there regional considerations?
A: Co‑ops/condos may require board approvals and extra steps. Winters affect inspections and maintenance planning. Parking permits and building rules can influence timing.
Similar templates
