A Nevada rent-to-own agreement is a hybrid legal document that combines a traditional lease agreement and a purchase option. It lets a tenant rent and live at a property while giving them the chance to purchase it from the property owner at a later date. Both parties negotiate all the terms according to state law.
The agreement contains specific elements like the rent amount, consideration, an option fee, the purchase price, and the lease’s duration. While the tenant must make monthly rent payments, they can apply a rent credit towards the purchase price. Screen potential tenants with a rental application before signing any agreements.
To finalize the sale of your property, use a residential purchase agreement.
Landlord-Tenant Laws: Chapter 118A (Landlord and Tenant: Dwellings)
Purchase Agreement Laws: Chapter 111 (Estates in Property; Conveyancing and Recording) and Chapter 113 (Sales of Real Property)
