A Florida rent-to-own agreement offers tenants the option to purchase the rental property at a set price. The document also covers essential details like maintenance responsibilities, renewal options, termination conditions, and property inspections. In this process, landlords typically require potential tenants to complete a thorough rental application to assess their eligibility and suitability for the rental arrangement.
This type of contract allows tenants to accumulate a portion of their monthly rent payments as credits toward the property’s future purchase. When the tenant decides to exercise their option to buy, the next step often involves the preparation and execution of a residential purchase agreement to formalize the property’s sale under the agreed terms.
Landlord-Tenant Laws: Title 6, Chapter 83 (Landlord and Tenant).
Purchase Agreement Laws: Title 40 (Real and Personal Property).
