The California lease to own agreement forges a written contract to cement the commitment made to lease a dwelling with an option to purchase at the end of the rental period. The leasing paperwork organizes the vital information on the transaction of an individual paying a monthly stipend to live on the premises of a landlord-owned housing unit. Put forth in the document are details on the lessor and lessee, property address, payment amounts, payment form, and delivery direction, as well as the security deposit amount and repayment instruction.
The lease to own agreement contains an additional provision stipulating the right for the tenant to purchase after the termination of the lease duration. The option is granted with no responsibility to purchase but to be allocated first chance for refusal to buy before taking offers from outside individuals. The specific time allotted for a response, rental payment percentage to be applied to purchase amount and option fee is appointed within the wording of the agreement.