Alabama Lease to Own (Option to Purchase) Agreement
The Alabama Lease to Own (Option to Purchase) Agreement app is a lease agreement for a property that is for rent, however, an option in the contract, which the tenant can pay an option fee to elect, allows for the renter to eventually become a buyer of the property.
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This rent-to-own agreement identifies the option fee, and a purchase price that can be paid to take ownership of the property, and identified the rent credit the landlord/seller is making available. Additionally, the lease contains typical lease terms such as the lease period, the monthly rent, security deposit information, and other typical lease agreement items.
Options to Purchase can be helpful tools for tenants seeking to purchase real estate, but that may not be in a position to do so immediately, or who may want to rent somewhere before deciding to buy. A rent-to-own home in many cases allows payment towards the purchase price to be offset by rent credits, which are accumulated as a percentage or certain dollar amount, from each monthly rental payment. If the purchase option is not taken, there are no rent credits (i.e., they are only viable if a renter is purchasing the real real estate).
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