Lease to Purchase Agreement Georgia

You use a lease-to-purchase agreement Georgia, or a rent-to-own contract, when leasing premises to a person you’re considering selling the property to.

In Georgia, rent-to-own agreements have specific terms they must fulfill.

• A description of the property.
• Any initial or advance payments.
• Amount and timing of rental payments and any other charges. 
• Terms of purchase and cost of lease. Will you sell it for a lump sum at the end of the lease? Or, more commonly, add a percentage to the rental amount that goes towards the purchasing of the property?
• Statement about which Party is reliable for losses, damages, and destruction of property.
• Lessee’s right to reinstate and any costs associated with it.
• Terms under which a Party can terminate the agreement.
• A clause that if there’s a manufacturer’s warranty on the property, if possible, it will pass over to the lessee upon them purchasing the premises.
• The “estimated fair market value of the leased property” at the time of the lease agreement coming into effect.
• Statement of the difference between the fair market value and the Cost of Lease.

Disclosures

• Disclosure of Option Terms
• Rent and Security Deposit Details
• Property Condition Disclosure
• Maintenance Responsibilities
• Tenant’s Right to Inspection
• Financial Terms
• Consequences of Default

These terms are crucial to ensure a comprehensive lease and purchase agreement. Our template ensures that it fulfills all requirements per the laws in the state of Georgia and allows you to customize the document in every way.