An Idaho rent-to-own agreement allows tenants to lease a property with an exclusive option to purchase before the lease term concludes. The legal document includes essential details like financial planning, maintenance responsibilities, and provisions for property inspections. Landlords begin the process by requesting prospective tenants to complete a rental application, which is used to evaluate their suitability for the tenancy.
With the flexibility for a portion of the monthly rent to contribute toward the future residence purchase, this arrangement is the perfect solution for tenants aiming to rebuild credit or experience a property before committing to ownership. Once they decide to buy the property, signing a residential purchase agreement is the next step to finalize the terms of the sale.
Landlord-Tenant Laws: Title 55, Chapter 3 (Rights and Obligations of Owners) and Landlord and Tenant Manual.
Purchase Agreement Laws: Title 55 (Property in General).
