A West Virginia rent-to-own lease agreement is a contract granting tenants the option to buy a property, with the purchase terms agreed upon at the lease signing. This agreement involves an upfront, non-refundable fee, giving tenants the right to purchase before the lease ends. Landlords can issue a rental application to a potential tenant prior to signing to ensure they’re a good fit.
Tenants must decide to buy within the option term, during which they can submit an offer by notifying the owner and paying the purchase price plus closing costs. They can finalize this arrangement with a residential purchase agreement. If they opt not to buy, they forfeit their purchasing rights and any deposits to the owner.
Landlord-Tenant Laws: Chapter 37, Article 6 (Landlord and Tenant).
Purchase Agreement Laws: Chapter 36, Article 3 (Form and Effect of Deeds and Contracts).
