A Missouri rent-to-own agreement is a lease-purchase contract that lets a tenant rent a landlord’s property and potentially buy it after the lease term. This document outlines each party’s responsibilities during the lease, like the tenant’s monthly payments and the landlord’s obligation to provide a habitable space.
Prior to signing a contract, it’s crucial to thoroughly screen potential tenants through a rental application to confirm their suitability before sealing any rental agreements.
Details regarding the option to purchase are in a separate section. Both parties can negotiate the terms, including the property’s locked-in purchase price, the percentage of the monthly rent (if any) that goes toward the purchase price, and the time a tenant has to decide if they want to go through with the purchase.
Once all terms are settled, a residential purchase agreement becomes vital for legally completing the property sale.
Landlord-Tenant Laws: Chapter 535 (Landlord and Tenant Actions) and Chapter 441 (Landlord and Tenant)
Purchase Agreement Laws: Chapter 442 (Titles and Conveyance of Real Property)
