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. It also explains the purchase price, the option-to-buy deposit, and the period when a tenant can agree to purchase the landlord’s property.