Updated on December 18th, 2020
The Vermont lease to own agreement, also known as the rent-to-own agreement, records the details of an arrangement where the lessee would like to have the liberty of buying the home during the term of the contract. This is popular with people who need more time to secure a loan to purchase the property. Within this document, individuals should stipulate the amount of the periodical rental payments, length of time the option to purchase will remain active, and what the purchase price for acquiring the residence will be. Most lessors will demand that a down payment be provided as a sign of good faith, which will go towards the acquisition price should the lessee decide to buy the property.