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Rent to Own Contract

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					This document provides a checklist of what tenants and landlords should consider
before entering into a rent to own agreement. This document also provides a template
rent to own application and a template rent to own contract. In a rent to own agreement
the tenant pays a monthly rent but a portion of the rent goes toward the purchase of the
property; this may also be called an option to buy contract. This document is useful to
either a prospective tenant/ buyer or to a landlord, and should be consulted before
entering into a rent to own agreement.
____________________________
TELEPHONE:

CONTACT:

REPORT TYPE(S): CREDIT [ ] EVICTION [ ]
           Applicant[ ] / Spouse [ ] / Both [ ]

FULL SERVICE [ ]          (Above Reports & Verify Employer / Landlord)

ACCESS NUMBER:

________________________
FAX:
DATE:      TIME:

NC CRIMINAL [ ]

Other (Please Specify):

________________________.Property Management USE ONLY:


RENT PER MONTH

$

DEPOSIT TAKEN

$

                 Total

Ck#            Amt$



LAST MONTH RENT TAKEN? YES OR NO

HOW MUCH?


TERMS: APPLICANT CERTIFIES THAT ALL INFORMATION GIVEN TO EVALUATE THIS APPLICATION TO RENT / LEASE IS
CORRECT AND COMPLETE. APPLICANT AUTHORIZES ALL INQUIRIES BY RENTAL OWNER OR OWNER’S AGENT OR NATIONAL
TENANT NETWORK DEEMED NECESSARY TO EVALUATE THIS APPLICATION. APPLICANT FURTHER UNDERSTANDS THAT ANY
FALSE, INACCURATE, OR INCOMPLETE INFORMATION IS GROUNDS FOR IMMEDIATE REJECTION. APPLICANT SPECIFICALLY
AUTHORIZES AND REQUESTS ALL PRESENT AND PREVIOUS EMPLOYERS, MORTGAGE HOLDERS, LANDLORDS, RENTAL AGENTS,
CREDIT GRANTORS, BANKS, ACCOUNTANTS, STOCK BROKERS, AND ANY GOVERNMENT AGENCY TO RELEASE ANY
REQUESTED INFORMATION IN THE EVALUATION OF THIS APPLICATION. THIS FORM IS PROVIDED BY O.P.M ENTERPRISES INC.
TO ASSIST ITS MEMBERS IN PROCESSING THEIR APPLICATIONS TO RENT OR RENT TO OWN RENTAL PROPERTY. ___________.
SHALL NOT BE RESPONSIBLE FOR THE USE OR APPLICATION OF THIS FORM BY OTHERS OR ANY LEGAL ASPECT AS TO A
LEASING / RENTAL AGREEMENT ENTERED INTO BY ANY PARTIES USING THIS FORM.


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USE BLACK INK AND PLEASE PRINT CLEARLY!                                VERIFY I.D. / SSN / ADDRESS INFO!

Applicant:_______________________________________                      SSN# __________/_____/_________
          LAST             FIRST          MIDDLE

Drivers Lic. # / State: ______________________/_______                 DOB: _________/_____/__________

Spouse:_________________________________________                       SSN# __________/_____/_________
         LAST             FIRST          MIDDLE

Drivers Lic. # / State: ______________________/_______                 DOB: _________/_____/__________

Present Address:________________________           Rent Amt: _____________         Reason for Leaving:_________________________

City:_____________________ State:________                                          Your Home Phone: (   )_____________________
                                                   Zip:
                                                   _________________
                                                   _
Buying [ ] Renting [ ]
Current
Landlord:_____________________________             Phone (    )____________        Date From:________to_________


Previous Address:_______________________           Rent Amt: _____________         Reason for Leaving:____________
                                                                                   Has an eviction ever been filed
City:_____________________ State:________                                          against you? Yes/ No
                                                   Zip:
                                                   _________________
                                                   _
Buying [ ] Renting [ ]
Previous
Landlord:_____________________________             Phone (    ) ___________        Date From:________to_________

Present Employer:_______________________           Phone (    )____________

Position:_______________________________                 Supervisor:   _________________________

Date From:_____________to______________               Gross Income:    $________per week [ ] month [ ] yr [ ]
                                                                       Other Income____________________________

Bank Name:____________________________             Savings Acct #      _____________Checking Acct# ____________

Spouse’s Employer:______________________           Phone (    )____________

Position:_______________________________                 Supervisor:   _________________________

Date From:_____________to______________               Gross Income:    $________per week [ ] month [ ] yr [ ]
                                                                       Other Income____________________________

Bank Name:____________________________             Savings Acct #      _____________Checking Acct# ____________
Others who will occupy premises:


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Auto make           Yr       Tag#                       Auto Make                  Yr       Tag#          Other vehicles Y/N


        Do you have any pets? Yes or             No        Do you or anyone who lives with you, smoke? Yes or No

        I declare the above information is true and correct, authorize its verification, authorize the obtaining of a consumer credit report,
        understand the application fee(s) will not be refunded for any reason, and agree to the terms of this application. I declare and
        understand that as a tenant of a house owned by _____________or any of it’s owners or affiliates, that pets are not allowed.
        Further, I understand that smoking is not allowed in side the premises at any time. Landlord retains the right to do at will
        inspections. If a tenant is found breaking any rules set forth, they will be fined the amount of money still owed on the remainder
        of their rental agreement, surrender all deposit money, and will be billed for all cleaning and repair bills pertaining to damages
        that have occurred inside or outside of the home.


            Applicant Signature:_______________________________                   Date:__________________

            Spouse Signature:_________________________________                    Date:__________________



        NOTE: INITIAL DEPOSIT AND FIRST/LAST MONTHS RENT MUST BE PAID BY CERTIFIED CHECK, CASHIERS
        CHECK, MONEY ORDER, OR CASH. ANY BOUNCED PERSONAL CHECKS ARE HANDLED AS FRAUD AND WILL BE
        HANDLED USING THE FULL EXTENT OF THE LAW.




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                                                 INTERNAL USE ONLY


_____    COPY OF DRIVERS LICENSE, SOCIAL SECURITY CARD, AND CREDIT CARD FOR DAMAGES CAUSED BY TENANT BEYOND
         SECURITY DEPOSIT.


_____ COPY OF INITIAL DEPOSIT, FIRST AND LAST MONTHS RENT.


           RENT AGREEMENT OR LEASE AGREEMENT WITH OPTION TO PURCHASE


LANDLORD:

TENANT(S):                  _____________________________________________


EFFECTIVE DATE:             ________________________


PROPERTY:                   ___________________________________________________________.




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                                      [LEASE AGREEMENT TERMS

         1.       Lease and Term.

             1.1  Landlord hereby leases to Tenant the above-identified property consisting
of         a          single-family            residence             located             at
_______________________________________________ (hereinafter called “Premises”).

                1.2      Term: The term of this lease shall be for 12 months (rent) or 24 months
(rent to own). Rent commences_______________________, (date) at 12 o’clock noon and
expiring _____________________, (date) at 12 o’clock noon (the “Initial Term”). Either
Landlord or Tenant may terminate the tenancy at the expiration of the Initial Term by giving written
notice to the other at least forty-five (45) days prior to the expiration date of the Initial Term. In the
event such written notice is not given or if the Tenant holds over beyond the Initial Term, the
tenancy shall automatically become a month to month tenancy upon the same terms and conditions
contained herein, except for new terms and conditions which tenant has notice of and agrees to by
the payment of rent, and may thereafter be terminated by either Landlord or Tenant giving the other
forty-five (45) days written notice prior to the last day of the then current period of the tenancy.

         2.       Rent.

                2.1     Tenant shall pay to the Landlord as base rent the sum of $_____________
         st
on the 1 day of each month during the term of this Lease. If Tenant is taking possession of the
house any day other than the first day of the month the first months rent will still be taken in full and
the second months rent will be pro rated.

                 2.2     Throughout the term of this Lease, the real property taxes and/or hazard
insurance premiums for the Premises may increase. In such event, Landlord shall be entitled to
increase the monthly rent in an amount, as determined by the Landlord, to reflect any such increases
in real property taxes and/or hazard insurance, etc…..

                2.3    The monthly rent shall be paid in current funds to the Landlord at:
_____________, _________________________or at such other address as Landlord gives
Tenant written notice.

                  2.4     Rent is due on or before midnight, the first day of every month. For any
month in which Landlord does not receive the monthly rent at the above address by this time Tenant
agrees to pay a late charge of $10.00 for each day that the monthly rent has not been received by the
Landlord after the 1st day of the calendar month. The Tenant further agrees to pay a fee of $50.00
for any dishonored bank check received from Tenant. The imposition of the daily late charges shall
not be construed to be payments for a grace period and the Landlord is entitled to exercise its
default remedies at any time that the Tenant has not paid the monthly rent on or before the 1 st day of
each calendar month by midnight.

         3.       Uses and Upkeep.




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                 3.1      The Premises may be used only as a private residence for the named tenants
and their minor children. The occupancy of the Premises by any adults other than the identified
Tenants for a period of more than one week, without the Landlord’s written consent, shall
constitute a default by the Tenant.

                  3.2       No animals, livestock or birds of any kind shall be kept on the Premises. If
a tenant is caught with an animal that has not been approved, they will be in breach of said contract
and will forfeit rights listed in this rent to own contract. As well, renter is fully responsible for any
damages resulting from having an animal on the premises.

                3.3     Tenant acknowledges that the Premises consists of a single family residence
complete with working appliances and new carpets, paint, light fixtures and window coverings
except as noted hereunder:




Tenant shall, at its expense, maintain the Premises in a clean and sanitary manner, including all
utilities and appliances, and upon the termination of this Lease return the Premises to Landlord in a
condition consistent with the condition at the commencement of this Lease except for ordinary wear
and tear. The Tenant shall be responsible for damages caused by their negligence and that of their
family, and guests. Tenant agrees to irrigate and maintain all landscaping, including the lawn and all
trees and shrubs. The Tenant also shall be responsible for keeping the driveway and sidewalk area
free from snow and ice and also free of oil stains. It is the responsibility of the Tenant to keep oil
pans under their cars if parked on the driveway if their car leaks oil. It is the responsibility of the
Tenant to degrease driveways at least once per month if stains are visible.

                3.4      Tenant agrees not to store in or about the Premises any gasoline, distillates,
or other petroleum products, or any other substance or material of an explosive, inflammable
nature, in a manner that may endanger any part of the Premises or its occupants.

                3.5     Tenant agrees to refrain from causing any objectionable odors or sounds,
from causing any public or private nuisance or act or thing that may disturb the quiet enjoyment of
any neighbors.

                 3.6     Tenant acknowledges that the use and occupancy of the Premises are
further restricted by those certain covenants, conditions and restrictions of the subdivision in which
the Premises are located; and the Tenant agrees to abide by all such covenants, conditions and
restrictions.

                 3.7      Tenant agrees to maintain heating and air conditioning systems. Filters
must be changed once per quarter. If damage to the system occurs from lack of maintenance caused
by the tenant, the repair bill will be the sole responsibility of the tenant.




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              3.7   Tenant shall not make any alterations, additions or
improvements to the Premises without the prior written consent of the Landlord.
Tenant will be responsible to put premises back to original condition if given
permission to make alterations prior to moving out of the premises.

        4.       Taxes and Insurance.

                4.1     Subject to Tenant’s obligation for reimbursement as set forth in paragraph
2, Landlord shall pay all real estate taxes and assessments on the Premises and keep in force
insurance on the Premises insuring against loss by fire and other hazards.

                 4.2      Tenant shall maintain in full force a policy of fire and extended coverage
insurance for the loss of Tenant’s personal property. The Tenant shall be solely responsible for
insuring any of his personal property located or stored upon the Premises upon the risks of damage,
destruction, or loss resulting from theft, fire, storm and all other hazards and casualties. Regardless
of whether the Tenant secures such insurance, the Landlord and his agents shall not be liable for any
damage to, or destruction or loss of, any of the Tenant’s personal property located or stored upon
the Premises regardless of the cause or causes of such damage, destruction, or loss, unless such loss
or destruction is attributable to the intentional acts or willful or wanton negligence of the Landlord.
The Tenant agrees to release and indemnify the Landlord and his agents from and against liability for
injury to the person of the Tenant or to any members of his household resulting from any cause
whatsoever except only such personal injury caused by the negligent, or intentional acts of the
Landlord or his agents.

        5.       Utilities.

                 5.1     Tenant agrees, in addition to payment of the rent, to pay for all gas,
electric, telephone, sewer and trash and other similar utilities used by the Tenant on the Premises.

                  5.2     Landlord shall not be liable in damages for any failure or interruption of any
utility services being furnished to the Premises, and no such failure or interruption shall entitle
Tenant to terminate this Lease.

        6.       Assignment and Subletting.

                6.1     Tenant shall not have the right to assign this Lease or to sublet any part of
the Premises without the prior written consent of the Landlord.

               6.2     Upon the occurrence of an “event of default” as hereinafter defined, if the
Premises or any part thereof have been assigned or sublet, Landlord, in addition to any other
remedies, may, at Landlord’s option, receive directly from such assignee or subtenant all rents
becoming due to Tenant under such assignment or sublease.

                 6.3     Subject to the terms of this Lease with Option to Purchase, Landlord shall
have the right to convey the Premises and assign any of its rights under this Agreement.




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        7.       Default and Remedies.

                 7.1    The following events shall be deemed to be events of default by Tenant
under this Lease or Rental Agreement:

                         (a)      Tenant failing to pay any monthly rent when due and any late fees
                                  incurred, and such failure continues for a period of 3 days after
                                  Landlord mails written notice of default to Tenant;

                         (b)      Tenant abandons or vacates the Premises, Tenant is found to have
                                  animals on the premises without prior permission from Landlord,
                                  Tenant is found smoking inside the premises.

                         (c)      Tenant fails to comply with any term, provision, or covenant of
                                  this Lease and does not cure such failure within 10 days after
                                  written notice to Tenant.

                7.2     Upon the occurrence of any such event of default, Landlord shall have the
option to pursue any one or more of the following remedies:

                         (a)      Landlord shall have the immediate option to terminate this Lease
                                  or Rental Agreement and all rights of the Tenant hereunder; any
                                  deposit including tenant last month rent is forfeited if tenant is in
                                  default of any terms or provisions in this contract.

                         (b)      The Tenant’s option to purchase the property granted herein shall
                                  terminate, and the Landlord shall be entitled to retain any and all
                                  option monies paid by Tenant hereunder;

                         (c)      The Landlord may recover from Tenant the amount of any unpaid
                                  rent together with an amount necessary to compensate Landlord
                                  for all of its damages proximately caused by Tenant’s failure to
                                  perform, including but not limited to attorneys’ fees, brokerage
                                  commissions, and the costs of any refurbishment and repairs
                                  necessary to renovate and repair the Premises.

                 7.3.    Removal, Storage and Disposition of Tenant’s Personal Property:

a. Ten days after being placed in lawful possession by execution of a writ of possession, the Landlord
may throw away, dispose of, or sell all items of personal property remaining on the Premises.
During the 10-day period after being placed in lawful possession by execution of a writ of
possession, the Landlord may move for storage purposes, but shall not throw away, dispose of, or
sell any items of personal property remaining on the Premises unless otherwise provided for in this
States relevant Statutes. Upon the Tenant’s request prior to the expiration of the 10-day period, the
Landlord shall release possession of the property to the Tenant during regular business hours or at a
time agreed upon. If the Landlord elects to sell the property at public or private sale, the Landlord
shall give written notice to the Tenant by first-class mail to the Tenant’s last known address at least


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seven days prior to the day of the sale. The seven-day notice of sale may run concurrently with the
10-day period, which allows the Tenant to request possession of the property. The written notice
shall state the date, time, and place of the sale, and that any surplus of proceeds from the sale, after
payment of unpaid rents, damages, storage fees, and sale costs, shall be disbursed to the Tenant,
upon request, within 10 days after the sale, and will thereafter be delivered to the government of the
county in which the rental property is located. Upon the Tenant’s request prior to the day of sale,
the Landlord shall release possession of the property to the Tenant during regular business hours or
at a time agreed upon. The Landlord may apply the proceeds of the sale to the unpaid rents,
damages, storage fees, and sale costs. Any surplus from the sale shall be disbursed to the Tenant,
upon request, within 10 days of the sale and shall thereafter be delivered to the government of the
county in which the rental property is located.

b. If the total value of all property remaining on the Premises at the time of execution of a writ of
possession in an action for summary ejectment is less than one hundred dollars ($100.00), then the
property shall be deemed abandoned five days after the time of execution, and the Landlord may
throw away or dispose of the property. Upon the Tenant’s request prior to the expiration of the
five-day period, the Landlord shall release possession of the property to the Tenant during regular
business hours or at a time agreed upon.

                 7.4. Bankruptcy: If any bankruptcy or insolvency proceedings are filed by or
against the Tenant or if the Tenant makes any assignment for the benefit of creditors, the Landlord
may, at his option, immediately terminate this Tenancy, and reenter and repossess the Premises,
subject to the provisions of the Bankruptcy Code (11 USC Section 101, et. seq.) and the order of
any court having jurisdiction there under.

        8.       Option. (Rent To Own Option Only)

                  8.1  For an in consideration of the sum of $____________________
(“Option Money”), paid by the Tenant to the Landlord upon the execution of this Agreement,
Landlord grants to Tenant the exclusive right and option to purchase the Premises upon the terms
set forth herein.

                  8.2      Tenant shall be entitled to exercise its option to purchase at any time within
the first 12 months for the stated price on this agreement. Said price will be adjusted up ___% of
the stated price from the 13 month to the 24th month. These provisions are only deemed pertinent
if Tenant is not in default under the terms of the Lease.

                 8.3     The Tenant may exercise its option to purchase if (i) Tenant gives Landlord
written notice at any time during the lease term, and (ii) Tenant purchases the Premises under the
terms of this agreement no later than 45 days after giving written notice of its intent to exercise the
option.

        9.       Purchase Price. (Rent To Own Option Only)

               9.1       The purchase price to be paid by Tenant to Landlord for the Premises in the
event Tenant exercises its option shall be the sum of $__________________.



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                 9.2     The Tenant shall be entitled to a credit toward the purchase price of the
                         Option Money paid. If offered by landlord, for the purposes of this
                         agreement, the “principal portion” of a rent payment shall be the amount by
                         which the purchase price would have been decreased if the rent payments
                         had been applied first to any unpaid late charges or other costs that tenant is
                         obligated for hereunder, second to interest at _____ percent per annum
                         that would have accrued against the balance of the purchase price through
                         the date of each rent payment, and finally toward reducing the purchase
                         price, i.e., the “principal amount.”

                         Principal Deduction on Payment offered by landlord: YES OR NO

                 9.3     The tenant shall pay the Landlord any remaining balance of the purchase
                         price in cash at closing.

                 9.4     Landlord has the right at any time during this contract to list to sell this
                         property. Tenant is responsible to cooperate in showing this home.
                         Owner will only market the home for sale if new buyer will honor the
                         existing contract with tenant. All option money will be credited or
                         transferred to new buyer if property is sold. If tenant is in default for any
                         reason on this contract prior to the sale of the contract, the new owner will
                         have full authority to evict at will and end the rental or lease agreement.

        10.      Conditions of Closing. (Rent To Own Only)

     Landlord shall convey good and marketable title by warranty deed to Tenant subject only to: (i)
a lien for any and all real property taxes and assessments not then delinquent; (ii) easements and
restrictions of records; and (iii) all liens and encumbrances or matters affecting the condition of title
to the Premises created by or with the written consent of Tenant, or resulting from the acts or
omissions of Tenant. In the event Landlord is unable to deliver such marketable and insurable title
to Tenant, Tenant shall have the option of terminating its rights under this agreement and vacating
the Premises, in which event Landlord shall return to Tenant the Option Money, less any amount
due the Landlord pursuant to this agreement; or continuing to lease the Premises for the remaining
term of the Lease.

        11.      Closing.

                11.1 The Landlord and Tenant hereby appoint _____________________Title
Company as the closing agent to close the purchase transaction on or before forty-five days from the
date Tenant has exercised its option to purchase.

                  11.2 At closing, the Landlord shall pay (i) the premium for a standard owner’s
policy of title insurance, and (ii) one-half of the closing agent’s fees and closing costs. The Tenant
shall pay (i) the purchase price less any credits permitted herein, (ii) the difference between the
premium for an ALTA mortgagee’s policy of title insurance or its equivalent and the premium of an
owner’s policy of title insurance, (iii) one-half of the closing agent’s fees and closing costs, and (iv)
any and all costs and fees incurred by Tenant in order to obtain financing, including without


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limitation: appraisal fees, loan document preparation, flood certification fee, tax service fee and
inspection fees, and (v) any unpaid amounts due Landlord from Tenant hereunder . Real property
taxes, rents and other items subject to proration shall be prorated as of closing.

                 11.3    Upon completion of the closing, all Lease provisions herein shall be deemed
terminated.

        12.      Miscellaneous.

                12.1 Time is of the essence regarding this Agreement and all of the terms,
provisions, covenants and conditions hereof.

                  12.2 It is understood that there are no oral agreements between the parties
hereto affecting this Agreement, and this Agreement supersedes and cancels any and all previous
negotiations, arrangements, brochures, agreements, understandings, if any, between the parties
hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none
thereof shall be used to interpret or construe this Agreement.

                12.3 Words of any gender used in this Lease shall be held and construed to
include any other gender, and words in the singular number shall be held to include the plural,
unless the context otherwise required.

                 12.4 The terms, provisions and covenants and conditions contained in the
Agreement shall apply to, inure to the benefit of, and be binding upon, the parties hereto and upon
their respective heirs, legal representatives, successors and permitted assigns, except as otherwise
herein expressly provided.

                 12.5 The paragraph captions are inserted in this Agreement of convenience only
and in no way define, limit or describe the scope of intent of this Agreement, or any provisions
hereof, nor in any way affect the interpretation of this Agreement.

                  12.6 Tenant agrees within ten (10) days after request by Landlord to deliver to
Landlord, or Landlord’s designee, an estoppel certificate stating that this Lease is in full force and
effect, the date to which rent has been paid, the unexpired term of this Lease and such other matters
pertaining to this Lease a may be reasonably requested by Landlord.

                12.7 This Agreement may not be altered, changed or amended except by an
instrument in writing signed by Landlord and Tenant.

                12.8 If a suit, action, or other proceeding arising out of or related to this
Agreement is instituted, the prevailing party shall be entitled to recover its reasonable attorney fees,
expert witness fees, and costs (i) incurred in any settlement negotiations, (ii) incurred in preparing
for and prosecuting any suit, action, or other proceeding, and (iii) incurred in preparing for and
prosecuting any appeal of any suit, action, or other proceeding.

                12.9 For purposes of this contract, tenant is hereby acknowledging that under the
terms of the “rent to own” program that this is a five-year agreement. If terminated early by either


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party, any option money is forfeited. As set forth in this contract, tenant also agrees that if strictly
renting property as a tenant and not “rent to own” they are responsible for this rent for a minimum
of (1) year from the date the tenant moves into the property. Tenant must give landlord a (45) day
written notification if vacating the property at any time. If tenant vacates prior to one year, they
will be responsible for remaining rents and will be collected on using any and all legal means.




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TENANT:                                        LANDLORD:




___________________________________            By:
________________________________

                                               Name:
______________________________


Date: ______________________________           Date:
______________________________


___________________________________


Date: ______________________________




Tenants current phone # __________________________________

Tenants current cell phone # ________________________________

Tenants current work phone # ______________________________




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© Copyright 2013 Docstoc Inc.                                                                                                 15
sions, covenants and conditions hereof.

                  12.2 It is understood that there are no oral agreements between the parties
hereto affecting this Agreement, and this Agreement supersedes and cancels any and all previous
negotiations, arrangements, brochures, agreements, understandings, if any, between the parties
hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none
thereof shall be used to interpret or construe this Agreement.

                 12.3    Words of any gender used in this Lease shall be held and construed to

include any other gender, and words in the singular number shall be held to include the plural,

unless the context otherwise required.


                 12.4 The terms, provisions and covenants and conditions contained in the
Agreement shall apply to, inure to the benefit of, and be binding upon, the parties hereto and upon
their respective heirs, legal representatives, successors and permitted assigns, except as otherwise
herein expressly provided.

                 12.5 The paragraph captions are inserted in this Agreement of convenience only
and in no way define, limit or describe the scope of intent of this Agreement, or any provisions
hereof, nor in any way affect the interpretation of this Agreement.


               12.6 Tenant agrees within ten (10) days after request by Landlord to deliver to
Landlord, or Landlord’s designee, an estoppel certificate stating that this Lease is in full force and




© Copyright 2013 Docstoc Inc.                                                                        21
effect, the date to which rent has been paid, the unexpired term of this Lease and such other matters
pertaining to this Lease a may be reasonably requested by Landlord.

                12.7 This Agreement may not be altered, changed or amended except by an
instrument in writing signed by Landlord and Tenant.

                12.8 If a suit, action, or other proceeding arising out of or related to this
Agreement is instituted, the prevailing party shall be entitled to recover its reasonable attorney fees,
expert witness fees, and costs (i) incurred in any settlement negotiations, (ii) incurred in preparing
for and prosecuting any suit, action, or other proceeding, and (iii) incurred in preparing for and
prosecuting any appeal of any suit, action, or other proceeding.

                 12.9 For purposes of this contract, tenant is hereby acknowledging that under the
terms of the “rent to own” program that this is a five-year agreement. If terminated early by either
party, any option money is forfeited. As set forth in this contract, tenant also agrees that if strictly
renting property as a tenant and not “rent to own” they are responsible for this rent for a minimum
of (1) year from the date the tenant moves into the property. Tenant must give landlord a (45) day
written notification if vacating the property at any time. If tenant vacates prior to one year, they
will be responsible for remaining rents and will be collected on using any and all legal means.




© Copyright 2013 Docstoc Inc.                                                                       22
TENANT:                                        LANDLORD:




___________________________________            By:
________________________________

                                               Name:
______________________________


Date: ______________________________           Date:
______________________________


___________________________________


Date: ______________________________




Tenants current phone # __________________________________

Tenants current cell phone # ________________________________

Tenants current work phone # ______________________________




© Copyright 2013 Docstoc Inc.                                   23
				
DOCUMENT INFO
Description: This document provides a checklist of what tenants and landlords should consider before entering into a rent to own agreement. This document also provides a template rent to own application and a template rent to own contract. In a rent to own agreement the tenant pays a monthly rent but a portion of the rent goes toward the purchase of the property; this may also be called an option to buy contract. This document is useful to either a prospective tenant/ buyer or to a landlord, and should be consulted before entering into a rent to own agreement.
Customize This Document Instantly download your personalized document Guided Fill-in-the-Blank Process
This document is also part of a package Residential Landlord Toolkit 21 Documents Included