A Kentucky rent-to-own agreement offers a tenant the opportunity to move into a home as a renter while working toward becoming the homeowner. The tenant can secure a purchase price, become comfortable living on the property, build equity, and improve their credit. This agreement can help a landlord appeal to a broader market if they need help selling a home.
In addition, you should ensure the utilization of a rental application to assess potential tenants and a real estate purchase agreement to outline the eventual purchase terms. These documents are crucial for a smooth and structured rent-to-own process.
Landlord-Tenant Laws: Title 32, Chapter 383 (Uniform Residential Landlord and Tenant Act)
Purchase Agreement Laws: Title 32, Chapter 381 (Title to Property and Restrictions on Use, Ownership, and Alienation) and Chapter 382 (Conveyances and Encumbrances)
