The Kentucky rent to own agreement consolidates the information of a lease agreement of a property to an accessible document. Taking on the responsibility of renting a home is a substantial obligation to both the lessor and lessee, and it should be recorded thoroughly for accountability purposes. The rent to own arrangement goes beyond the standard leasing proposal and additionally presents an option for the tenant to purchase the property once the lease is terminated. When formulating the terms of the contract, it is customary to conduct negotiations prior to filling the form to ascertain the needs of those involved in the transaction.
The document presents various sections to touch base on the intricate concerns for both the lessor and lessee. Summarized within the paperwork are paragraphs to cover those involved, the subject property, the rental payment schedule, lease term, and security deposit requirements. The secondary function of the contract is to institute an understanding of the granted right of first refusal to be issued to the tenant. Highlighted in this section will be the stipulated fee to be remitted in exchange for the issued option. It will also define the stated price for purchase that the home residence will be offered for, and the amount of time given to accept the offer. Once the participating parties have applied their signatures to the commitment, it will be considered a legally enforceable obligation.