A Massachusetts rent-to-own agreement is a legal contract that gives tenants the chance to purchase the property they’re renting. It consists of standard lease provisions and additional terms relating to the option to buy the property. For example, it lists the agreed-upon purchase price and the dates during which a tenant can execute their purchase.
This arrangement is useful for tenants who eventually want to own a home but aren’t yet ready to commit to this step. It necessitates the use of a rental application and a real estate purchase agreement as part of the process. It’s also beneficial for landlords, as it can help them with their real estate goals and eventually sell their property at a later date.
Landlord-Tenant Laws: Chapter 186 (Estates for Years and At Will)
Purchase Agreement Laws: Chapter 183 (Alienation of Land) and Chapter 184 (General Provisions Relative to Real Property)
