A North Dakota rent-to-own agreement is a contract that outlines the conditions for a tenant to lease a property from a landlord, with an option to buy it later. The tenant pays a fee to maintain the right to purchase, which is often included in their monthly rent or can be a separate amount that goes towards the eventual purchase price.
Conducting an exhaustive screening of prospective tenants with a rental application is vital before signing the agreement. Upon conclusion, a residential purchase agreement is essential for actually selling the property.
Landlord-Tenant Laws: Chapter 47-16 (Leasing of Real Property).
Purchase Agreement Laws: Chapter 47-10 (Real Property Transfers).
