Updated on December 18th, 2020
The New York rent-to-own lease agreement is amongst one of the more prominent types of rental contracts in the real estate industry. Think of it as almost a hybrid between a rental contract and a real estate purchase agreement. When someone desires to buy a specific property but are not exactly prepared to execute a sale at that moment, whether they need more time to obtain financing or whatnot, they may offer this type of arrangement to the seller/landlord to avoid losing out to another buyer. The lessor will usually demand that a substantial deposit be provided in order for them to grant the option to buy. Users should customize the document to their desire by entering all the required information and signing the contract as needed.