Michigan Rent to Own Agreement Form

The Michigan rent to own agreement merges the commitment to rent a residential dwelling for a designated term with a first right refusal to purchase on lease-end. Gaining tenancy in a home is generally performed via a written legal instrument to cover the use of the property and rules regarding occupancy and tenant-landlord relations. A lease with an option to purchase provides an additional opportunity to make the first offer to buy upon the termination of the leasing period. The paperwork essentially covers critical information to the transaction, including identities of lessor and lessee(s), lease term, security deposit, rental payment schedule, with additional policies and procedures for tenancy. The secondary component of the contract is to construct an outline guiding the conditions of the option. The document serves to highlight the purchase price of the piece of real estate, proposed option fee, and the expiration of the offer. Execution of the filing creates a legal bond compelling the participating individuals to the observed obligations therein.