A Pennsylvania rent-to-own agreement is a type of lease arrangement that gives renters the choice to purchase the leased property within a specific period stated in the contract. These agreements typically have a clause mandating an initial payment by the tenant to secure their option to buy and to prevent the owner from accepting other purchase offers. The initial payment is usually applied to the property’s purchase price if the tenant decides to buy the property.
It’s crucial to conduct a comprehensive background check on potential tenants through a rental application before finalizing any agreements. When the tenant opts to buy the property, a residential purchase contract is signed, committing both parties to the transaction.
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