The Massachusetts rent to own agreement effectuates the consents and affirmations agreed-upon for the rental of a residential unit in exchange for a predetermined amount of money each month. This type of arrangement serves to perform archival duties to secure the obligations made on both sides of the accord. It will also allow the tenant to obtain the possibility to buy the dwelling at the end of the specified rental time. The document acknowledges the rights and responsibilities of tenancy and states the names of the participating individuals, lease duration length, and rental pricing.
The secondary objective of the form is to ascertain the precise conditions of the offered opportunity to buy the home once the leasing period has terminated. This section of the contract sets forth the purchase price for the residence available with the option, as well as the option term expiration date. There is usually a fee imposed upon the lessee for the issued first right of refusal. Through thorough negotiation, the parties can typically establish an amount that is acceptable on both ends. Signing the legal form will solidify the record and bind the commitments of the tenant and landlord.