The Iowa rent to own agreement accredits a leasing transaction for a residential property while also signifying an offered intent for the tenant to have the choice to purchase the property once the lease has ended. The paperwork highlights all of the important covenants connected to the leasing arrangement, securing rental of the unit for the indicated period. The paragraphs of the document contain disclosed information on the tenant, landlord, address of the residence, monthly payment amount, security deposit, rules for the property, and assignment of utility responsibility.
The contract additionally refers to the specifics surrounding the option to buy the piece of real estate upon completion of the leasing term. The precise conditions of the sale are also confirmed within the document, with the sale price, option fee, and expiration date of the offer listed for reference. For further validation of the capacity of the individuals, as well as their understanding of the contract, it is suggested that notary for the state observe the affixing of the signatures.