The Delaware lease to own agreement interprets the many facets of the guarantee for an individual to rent a residential dwelling for a predetermined amount of compensation and a designated timeline. In comparison to a general rental agreement, the lease to own contract produces an included portion of language to allow the renter the possibility to purchase the home once the lease terminates. Negotiating the terms and conditions between lessor and lessee before drawing up the document can be helpful in reaching a mutual accord. From there, the record can be adjusted for the needs of the parties to arrange the transaction as needed.
The state of Delaware has passed legislation that covers explicitly dealings involving properties to be rented with an extended right to the first refusal of purchase. The Delaware Lease-Purchase and Agreement Act sets forth the various requirements of the property owner, tenant/buyer, and the contract itself (Delaware Lease-Purchase and Agreement Act § 6-76). The provided form meets the fulfillment of state regulation, and once confirming signatures are applied, the rights and responsibilities of each participant go into effect.