The Virginia lease to own agreement is geared towards tenants who would like to lease a property while at the same time have the exclusive right to acquire the home for a set price. In order to make this happen, the landlord and prospective tenant must first negotiate the terms of the contract. Usually, the tenant/buyer will be expected to offer a sum of consideration in order to secure the rights to purchase, this typically goes towards the acquisition price should they decide to buy the property. Other than the selection of the consideration and purchase price, this contract is very similar to your average rental agreement. The parties will be required to provide data such as the term of the occupancy/option, the total dollar value of the monthly payments, and the overall costs of the utilities.
Laws – Virginia Lease-Purchase Agreement Act (§ 59.1-207.17)
(The Virginia Legal Aid Society offers a Rent-to-Own Housing informational handout that can help lessors/lessees better grasp the concept of the state’s laws in regard to the lease-purchase agreement.)