A Rhode Island rent-to-own agreement is a legally binding contract that outlines the details of a lease arrangement. This agreement allows the tenant to have the option of buying the property they are renting before the contract ends. To secure this option, the tenant must provide the property owner with financial consideration, which can be in the form of a non-refundable fee or a rent premium.
Landlord-Tenant Laws: Title 34, Ch. 34-18 (Residential Landlord and Tenant Act).
Purchase Agreement Laws: Title 34, Ch. 34-11 (Form and Effect of Conveyances), Title 5, Ch. 5-20.8 (Real Estate Sales Disclosures).
