A Delaware rent-to-own agreement provides tenants with not just a place to live but an option to buy the property at a predetermined price. This allows them to evaluate their long-term housing plans without committing to the purchase upfront. Before entering into such an arrangement, landlords often require prospective tenants to complete a rental application to assess their suitability.
While the tenant holds the exclusive right to purchase, there is no obligation to do so. However, should they decide to proceed, they need to sign a residential purchase agreement to outline the terms of potential future ownership.
Landlord-Tenant Laws: Title 25, Part III (Residential Landlord-Tenant Code).
Purchase Agreement Laws: Title 25, Part I, Chapter 3 (Titles and Conveyances).
