A Maryland rent-to-own agreement is a legally binding contract that lets tenants rent a property before they own it. 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 home ownership is something they want to pursue.
In addition to maintenance responsibilities, property policies, and a traditional payment schedule, this document includes a purchase price if the tenant chooses to buy it at the end of their lease. It also covers an associated option fee and dates for when the purchase option becomes available.
