A Wyoming rent-to-own lease agreement is a dual-purpose contract involving a landlord and a tenant, providing rental terms alongside an option to purchase the property. This agreement grants the tenant the right to buy the property under pre-established conditions. The landlord often requests that the tenant fill out a rental application first to verify the tenant’s ability to fulfill their obligations.
Should the tenant choose to purchase during the lease period, both parties must draft and sign a residential purchase agreement. Conversely, if the tenant opts not to acquire the property, the agreement concludes like a regular lease, reverting to standard rental terms.
Landlord-Tenant Laws: Title 1, Ch. 21, Art. 12 (Residential Rental Property).
Purchase Agreement Laws: Title 34 (Property, Conveyances, and Security Transactions).
