A Connecticut rent-to-own agreement is a legally binding document designed to offer tenants not only a place of residence but also the unique opportunity to secure ownership of the property in the future, all at a pre-established price. Prospective tenants typically start by completing a rental application, which helps landlords assess their suitability before entering into this arrangement.
Tenants have the chance to build their credit and financial stability, potentially enhancing their eligibility for a mortgage by the time the lease term concludes. The predetermined purchase price remains a constant, offering tenants a fixed option for acquiring the property, regardless of market fluctuations. When tenants decide to buy the property, they will enter into a residential purchase agreement that outlines the terms and conditions of the sale.
Landlord-Tenant Laws: Chapter 830 (Rights and Responsibilities of Landlord and Tenant).
Purchase Agreement Laws: Title 47 (Land and Land Titles) and ยง 20-327b.
