A Maryland rent-to-own agreement is a legally binding contract that lets tenants rent a property before they own it. It is accompanied by a real estate purchase agreement should the option to purchase be exercised and a rental application to initiate the lease.
While they have the option to purchase the home once the lease term is done, they don’t promise to buy it. Instead, they can use the lease period to determine if they like the property and if homeownership is something they want to pursue.
This document includes maintenance responsibilities, property policies, and a traditional payment schedule. If the tenant chooses to buy the property at the end of their lease, it includes a purchase price. It also covers an associated option fee and dates for when the purchase option becomes available.
