A Maine rent-to-own agreement is a type of lease agreement that lets a tenant rent a property and gives them the option to buy it later. Before entering this agreement, it’s recommended to use a rental application to thoroughly vet potential tenants. Even though the tenant doesn’t have to commit to home ownership, this document gives them a choice if they’re currently unsure what route they want to take.
The contract outlines traditional lease terms, including the monthly rental payment, length of the term, security deposit, and the rules for the tenant to follow. This agreement often includes a higher monthly rental payment because of its unique nature and a non-refundable fee to secure a purchase price. Should the tenant decide to purchase the property, a real estate purchase agreement should be used to formalize the sale.
Landlord-Tenant Laws: Title 14, Chapter 710 (Rental Property)
Purchase Agreement Laws: Title 33, Chapter 7 (Conveyance of Real Estate)
