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.
This document is similar to a traditional lease agreement, as they both record tenancy terms and conditions and each party’s rights. However, it differs in that it highlights the option to buy. It also includes a higher rent price and a non-refundable fee the tenant pays to lock in their option to buy.
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)
