A Mississippi rent-to-own agreement is a document containing a traditional lease agreement and a provision that gives the tenant the option, not the obligation, to buy the property at the end of the rental period. When creating this document, the landlord works with the tenant to come to mutually agreed-upon terms for the rent amount and maintenance responsibilities.
They can also negotiate provisions relating to the buy option, including the purchase price, the percentage of the rent that goes toward the final purchase price, and the period a tenant has to decide whether to buy the property. Furthermore, it is advisable to incorporate the use of a rental application to ensure tenant eligibility and a real estate purchase agreement to outline the conditions of the potential sale.
Landlord-Tenant Laws: Title 89, Chapter 7 and Chapter 8
Purchase Agreement Laws: Title 89, Chapter 1 and Title 89, Chapter 5, Article 1
