The Nebraska rent to own agreement indicates the mode in which the rental of a residential unit will be carried out via a written contract. This lease arrangement additionally allocates an express first right of refusal to buy the home once the terms to the rental accord have been completed. Situations, where a home can be challenging to sell in a given market or economic climate, would be a reason to justify the use of a rent to own opportunity. It can also be utilized to sell to a buyer that may not meet the criteria to gain the aid of a mortgage on the home. Regardless of the choice rationale, this particular lease type can be allocated to record all pertinent aspects of the transaction.
The primary purpose of the document is to devise the framework of the commitment to lease the property. The names of the lessor and lessee, premises address, and term of the lease create an understanding of the overall obligation for the duration of the rental. The form states the compensatory amount that the tenant will be responsible for each month and also pinpoints the amount required as a security deposit. Supplementary provisions referring to the regulation and policies for the duration of the lease are mentioned as well. The secondary element to the agreement outlines the contains of the option to buy. Denotations are included to specify the option fee, purchase price amount, and termination date for the offer.