A Minnesota rent-to-own agreement is a legal contract that lets a tenant enter a traditional lease but also allows them to purchase the landlord’s property at the end of the rental period. This document is useful for landlords who want to sell their property but can’t find a buyer right away. It also helps tenants decide if they want to pursue homeownership.
This contract spells out traditional lease terms, such as its duration, the tenant’s monthly payments, and each party’s responsibilities. Additionally, it is advisable to use a rental application to screen potential tenants and a real estate purchase agreement when transitioning from renting to owning. It further explains the purchase price, the option-to-buy deposit, and the period when a tenant can agree to purchase the landlord’s property.
Landlord-Tenant Laws: Chapter 504B (Landlord and Tenant)
Purchase Agreement Laws: Chapter 507 (Recording and Filing Conveyances) and Chapter 513 (Agreements Relating to Property)
