A New York lease-to-purchase agreement is also known as a rent-to-own agreement. This legal document outlines the terms of a transaction. A landlord or seller leases residential or commercial property to a potential buyer or renter in this arrangement. The key feature is that the tenant can buy the property during or at the end of the lease term.
This contract is ideal for individuals lacking funds for a traditional down payment. It offers a pathway to homeownership for buyers facing financial constraints. Property owners also benefit by earning rental income during the leasing period. Owners can get a more responsible tenant with this contract. It assures them they’ll take care of the property because they intend to buy it.
This contract encompasses all the essential clauses and details mandated by New York law. While property owners can add their terms, certain disclosures must also be included in the contract. According to the NYC Housing Maintenance Code, landlords or managing agents need to include several disclosures.
LPA requirements in NYC
- Allergen Hazards Disclosure
- Bedbug Infestation Disclosure
- Building Smoking Policy Disclosure
- Stove Knob Covers Disclosure
- Window Guard Disclosure
Use our free New York lease-to-purchase agreement template that ensures your contract is detailed and legally compliant.