A Hawaii rent-to-own agreement grants tenants the right to lease a property while providing an exclusive option to purchase before the lease term concludes. This legally binding document, often referred to as a “lease option,” outlines additional financial aspects, including rent payments, late fees, and security deposits.
The agreement offers a mutually beneficial arrangement for both parties: tenants exploring homeownership options or going through financial difficulties and landlords looking to secure committed tenants who treat the property with care, potentially leading to reduced maintenance costs.
Landlord-Tenant Laws: Title 28, Chapter 521 (Residential Landlord-Tenant Code).
Purchase Agreement Laws: Title 28, Chapter 502 (Bureau of Conveyances; Recording).
