Updated on December 16th, 2020
The Arkansas lease to own agreement combines a typical lease agreement contract along with a valid option to purchase the rental property at the end of the term. Before signing the document, it is customary to go over the included clauses of the lease with the signing individuals to construct a lease arrangement that works for the associated parties. Once an accord has been reached, it is recommended to have a legal professional for the lessor and lessee peruse the final draft to ensure that it is in the best interest of each party.
Keep in mind that the paperwork seeks to solidify the commitment to rent the real property and only offers the first right of refusal to buy once the duration of the rental period has been terminated. This offer is not a promise to purchase and is simply an allocated allowance to be granted the chance to buy before any other interested party.