Minnesota Rent to Own Agreement Form

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The Minnesota rent to own agreement blends the information recorded to comprise both the leasing of a rental unit with an extended right of first refusal to buy the piece of real estate at the end of the term. Landlords looking to sell a property may decide to take this alternative to a traditional lease for a number of reasons. Whether the market is not yielding many offers, or a particular interested party is not ready to purchase just yet, the lease to own option can allow an owner to receive income from the property before a sale is possible. The two essential aspects of the contract are the terms of the rental arrangement and the limited opportunity to buy. The rental portion of the paperwork sets forth the rights and obligations associated with the leasing of the home and confirming of the participants. The language will establish lease duration length, rental payments, security deposit, policies, and procedures. The secondary element to the record focuses on the option to buy. It outlines the amount that is to be secured for the option, the indicated purchase price, and the expiration of the offer. Both parties will need to sign the agreement to successfully create a binding accord.