The Montana rent to own agreement integrates an option to buy a residence upon the end of the leasing term into a contract to rent for the same property. Renting to own can be an ideal preference for those who are not yet ready to buy a home that an owner wishes to sell ultimately. Certain cases where there is a potential buyer who intends to purchase the dwelling but is not able to secure a mortgage immediately may be a candidate for this type of leasing to own opportunity. The paperwork transcribes the associated elements of the deal to ensure there is a record of the understanding made between the parties. Contained in the language of the form is the typical component structure outlining the terms and conditions of the rental agreement. The contents include:
- Identification of the Lessor and Lessee
- Property Description
- Lease Term
- Rental Payments
- Utilities Responsibility Allocation
The secondary role of the document is to summarize the stipulating provisions to the first right of refusal to buy the property when the lease terminates. The designated paragraphs serve to impose any appointed fee for the option, the specified purchase price, as well as the expiration date of the offer. Signing the filing will create the bond making both parties liable to the nominated declarations.