The Louisiana rent to own agreement combines a traditional residential rental contract with an added first right of refusal to purchase the home when the lease comes to an end. For those interested in renting a residence before buying, whether it is for financial purposes or otherwise, electing to enter into a lease to own agreement may be a desirable option. Owners that would ideally want to sell the property can find this alternative to be an interim solution to finding a buyer while keeping a source of income flowing in the meantime. The document presents an organization of the facts involved in the business deal and allows the involved individuals a written account of the bestowed rights and responsibilities.
The form specifies information on the identity of the landlord and tenant, the residence address, lease term, rental payments, security deposit, and utilities and services assignment. The paperwork further goes into the details on the offered option to buy and prerequisites to the sale. Incorporated into the arrangement are stipulations to cover the requested option fee, property purchase price, and expiration date of the offer. Once the signatures of the associated parties have been applied to the agreement, it will be considered a binding arrangement.