The Maine rent to own agreement is intended to record the information surrounding the exchange of the use of residential rental in exchange for a monthly compensation payment. A lease to own agreement additionally puts forth an offer of first refusal for the tenant to purchase the property at the expiration of the leasing period. The document registers information on the lessor, lessee, property, security deposit, rental payments, and lease term. It also states the conditions for the option to buy, clarifying the option fee, purchase price, and termination date of the offer. It is recommended that the involved parties sign before an attorney, notary official, or witness to verify the endorsement. The contractual obligation is legally binding once all signatures have been affixed to the document.