An Alabama rent-to-own agreement allows tenants to occupy a property with the option, though not the obligation, to purchase it at a predetermined price once the lease term concludes. Unlike a standard lease, this arrangement gives tenants the chance to make a more informed decision and gradually become homeowners while living in the house.
While adhering to the state’s legal requirements, this agreement also sets the purchase price, outlines any rent payments contributing to future property acquisition, and establishes who’s responsible for taking care of the property.
Landlord-Tenant Laws: Title 35, Chapter 9A (Uniform Residential Landlord and Tenant Act).
Purchase Agreement Laws: Title 6, Ch. 9, Art.5, Div. 3 (Conveyance).
