A Wisconsin rent-to-own agreement is a legally binding document combining a standard rental contract with an option for the tenant to purchase the property during the lease term. The tenant pays a non-refundable fee to secure buying rights, and if they decide to buy, they must submit an offer within a designated term.
Failure to purchase within this period results in the loss of the option fee and any related funds. If the tenant opts not to buy, the lease continues as a standard agreement, with no obligations at the term’s end, but converts to a purchase contract if they choose to buy.
Landlord-Tenant Laws: Chapter 704 (Landlord and Tenant).
Purchase Agreement Laws: Chapter 706 (Conveyances of Real Property; Recording; Titles).