A Washington, DC rent-to-own agreement provides tenants with a place of residence but also an exclusive option to purchase the property at a predetermined price. It allows a portion of monthly rent payments to accumulate as credit towards the property’s future purchase, enabling tenants to gradually build equity.
The agreement typically outlines clear guidelines on maintenance duties, property inspection and appraisal procedures, conditions for lease renewal or extension after the initial term, termination, and legal dispute resolution procedures.
Landlord-Tenant Laws: Code of the District of Columbia Title 42, Chapters 32-36A and District of Columbia Municipal Regulations Title 14, Chapter 14-3.
Purchase Agreement Laws: Title 42, Chapter 36B (Lease-Purchase Agreements) and Title 42, Chapter 34, Subchapter IV (Opportunity to Purchase).
