A Delaware rent-to-own agreement provides tenants with not just a place to live but an exclusive option to purchase the property at a predetermined price—a distinctive combination of renting convenience and the potential for future ownership.
While the tenant holds the exclusive right to purchase, there is no obligation to do so. This flexibility allows tenants to evaluate their long-term housing plans without committing to the property purchase upfront. However, any deposit or down payment made toward the purchase is typically non-refundable should the tenant decide not to exercise the option to buy.
Landlord-Tenant Laws: Delaware Code Title 25, Part III (Residential Landlord-Tenant Code).
Purchase Agreement Laws: Delaware Code Title 25, Part I, Chapter 3 (Titles and Conveyances).