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 outlines the process for inspecting and maintaining the place and specifies the permitted uses of the premises. It is ideal for those interested in owning property but currently facing financial difficulties and owners seeking trustworthy buyers for their homes.
Landlord-Tenant Laws: Title 33, Chapter 3 (Landlord and Tenant).
Purchase Agreement Laws: Title 33, Chapter 4 (Conveyances and Deeds).
