A Nebraska rent-to-own agreement is a contract that establishes a landlord-tenant relationship and permits the tenant to buy the property after their lease if this decision meets their goals. It provides a unique opportunity for aspiring homeowners who might not be in a position to buy a property outright. The lease period can help them secure a loan and save money for the downpayment.
As part of this agreement, a tenant may need to pay a non-refundable fee to secure the purchase option. The landlord and tenant will negotiate to settle on a purchase price and a period during which a tenant can accept or decline the buy option. Before signing, it is necessary to use a rental application to screen potential tenants.
If you decide to sell the property, you will need a residential purchase agreement to finalize the transaction.
Landlord-Tenant Laws: Chapter 76, Article 14 (Landlord and Tenant)
Purchase Agreement Laws: ยง 76 (101-2,126)
