A Vermont rent-to-own lease agreement is a dual-purpose contract that not only establishes a standard lease between a landlord and tenant but also grants the tenant an option to purchase the home within a specified time frame. It specifies details like the rent amount, option consideration, and property use guidelines.
It allows tenants to live in the property while planning to buy it, with the terms of purchase pre-negotiated and set out in a separate residential purchase agreement if the tenant decides to proceed with the acquisition. Before a landlord agrees to enter a rent-to-own agreement, they should request that the tenant fill out a rental application to ensure they can meet the lease’s obligations.
Landlord-Tenant Laws: Title 9, Ch. 137 (Residential Rental Agreements).
Purchase Agreement Laws: Title 27, Ch. 5 (Conveyances of Real Estate).
