An Arizona rent-to-own agreement is a document that facilitates a gradual transition from renting to potential homeownership, allowing tenants to lease a property with the option to purchase it at a predetermined price. Tenants commit to a fixed rental term, and a portion of the monthly rent may also be used as a down payment. This agreement also outlines the process for inspecting and maintaining the place and specifies the permitted uses of the premises.
To initiate this arrangement, tenants often complete a rental application to assess their eligibility and reliability. Should the tenant decide to buy the property, a residential purchase agreement will be drafted to detail the terms and conditions of the sale.
Landlord-Tenant Laws: Title 33, Chapter 3 (Landlord and Tenant).
Purchase Agreement Laws: Title 33, Chapter 4 (Conveyances and Deeds).
