Without a rent-to-own contract, tenants/buyers and landlords/sellers would have fewer opportunities. The owner cannot honour his oral commitment to sell the property at a specified purchase price at the end of the rental period. Or the tenant denies the promise to pay for all maintenance and repair work of the property. Be sure to read the text of the agreement carefully. Some leasing contracts create an obligation, not the OPTION, to buy the property. A laudable contract, also known as Lease-to-Own, is a document written between two parties, the owner or potential seller who owns the property and the tenant or potential buyer who leases the property. The agreement specifies the agreement between the parties for the rental of the property and at the same time gives the tenant the opportunity to acquire the property at the end of the tenancy period. The parties should enter into a sale agreement. The following points must be negotiated by the tenant and the landlord: In the event that the tenant does not exercise the right to purchase the property, the parties maintain the lease and return the property to the landlord at the end of the tenancy agreement in the event of non-renewal. Each related member must verify their recognition and compliance with their terms and conditions. This is dealt with in the area shown in the last section of the last page. The seller/owner must then find the empty lines called « seller/owner`s signature » and « print, » sign and print his or her name.
Two of these signing areas were included if more than one seller/renter is involved. Each seller/renter involved must sign this document so that if a third party is documented, make sure that an installation with these signatures is provided or that you can add more space with a publishing program. Each buyer/tenant must sign and print their name on the empty lines with the labels « Tenant Signature » and « Print. » As with the seller/lessor, each buyer/tenant involved must fill this signing area, so that there is sufficient space available for two people, if there is more assurance that these additional parts will meet the signing requirement, either by adding an appendix or by adding more space. Agents who collaborate with these parties and arrange this lease/purchase must also fill out the signing area with the empty lines called « Agent Signature » and « Impression. » If more than one agent is involved, make sure that each of you also signs this paperwork. Finally, the person testifying to this signature should sign and print their name on the empty lines with the terms « witness signature » and « print » (or). The lessor is required to accept a lease agreement with an option to purchase that can be signed by both parties.