An Indiana rent-to-own lease agreement grants tenants the flexibility to allocate a portion of the monthly rent toward the property’s future purchase. It explicitly outlines the predetermined purchase price for the property, ensuring both tenants and landlords have a clear understanding of the financial commitment involved.
While tenants retain the exclusive right to purchase, there is no obligatory commitment. This flexibility allows individuals to carefully consider their homeownership goals without immediate financial pressure. Nevertheless, it’s essential to be aware that any deposit or down payment made toward the purchase becomes non-refundable if the tenant opts not to exercise their right to buy.
Landlord-Tenant Laws: Indiana Code Title 32, Article 31 (Landlord-Tenant Relations).
Purchase Agreement Laws: Indiana Code Title 32 (Property).
