The Arizona lease to own agreement configures a paper form to verify the terms of a residential lease equipped with a supplementary option to purchase at the end of the lease term. The leasing arrangement includes information from both the lessor and lessee, the amount to be paid for rent, payment schedule, lease duration length, and security deposit to be held by the landlord. Upon agreement to the conditions of the commitment, both parties can affix their signatures to solidify the bond, obligating the involved individuals to the stated language within the contract.
The method of property rental utilized in the paperwork essentially includes an additional first right of refusal to acquire the property for a prearranged price. The purchase price of the residence is granted, creating a unique opportunity for both the tenant and landlord. Negotiation between the parties will dictate the provisions of the lease agreement, as well as the requested fee for the option. When entering into any long-term contract, it is advised to speak to a legal professional before signing.