A Georgia rent-to-own agreement provides tenants with the unique opportunity to acquire the property from the landlord before the lease term concludes. A portion of their rent is often allocated as a down payment for the property’s future purchase. To initiate the process, landlords typically request prospective tenants to complete a rental application to evaluate their eligibility and suitability for the agreement.
Should the tenant decide to opt out, any contributions made towards the purchase are forfeited. If the tenant exercises the option to buy, the parties then use a residential purchase agreement to formalize the terms of the property sale, ensuring a legally binding transaction.
Landlord-Tenant Laws: Title 44, Chapter 7 (Landlord and Tenant).
Purchase Agreement Laws: Title 44, Chapter 5, Article 2 (Conveyances).
