Updated on December 18th, 2020
The Rhode Island rent-to-own lease agreement essentially gives the tenant the right to purchase the property they occupy during the term of the rental contract. There are several different reasons why a lessor and lessee would want to engage in this type of arrangement, the main one being that the lessee needs more time to obtain the proper financing to purchase the home. Factors of the agreement that will need to be established before endorsing the document include a description of the property and parties involved, time period of the option’s term, amount of the rent payments and deposit required to secure the option, and the final purchase price should the lessee decide to acquire the residence.
Rental Purchase Agreement Laws – § 6-44