A New Hampshire rent-to-own agreement is a legal document that contains a lease contract and a purchase option agreement. It lets a tenant lease a property while deciding if they want to pursue homeownership. This arrangement is also beneficial for landlords, as they may be able to find a potential buyer more easily in a competitive landscape.
The landlord should conduct thorough screening using a rental application to find a tenant in good financial standing who may be likely to accept the purchase option when their lease ends. Once a landlord finds the right candidate, they can outline various conditions in their agreement, including tenant responsibilities, consideration for the buy option, monthly rent, and the agreed-upon purchase price.
To officially complete the sale of your home, make sure to execute a residential purchase agreement.
Landlord-Tenant Laws: Chapter 540 (Actions Against Tenants)
Purchase Agreement Laws: Chapter 477 (Conveyances of Realty and Interests Therein)
