Rent to Own Agreement Template
[Client.FirstName][Client.LastName] (Renter) has expressed a desire to hold possession of [Product.Name] currently owned by [Sender.FirstName][Sender.LastName] (Owner) and wishes to make payments following the schedule below to obtain ownership of said property. [Client.FirstName][Client.LastName] shall obtain possession of the property on agreed date of [Agreement.Date].
Renter will not claim ownership of said property until all contract terms have been satisfied.
- Renter shall pay the following amounts on the dates designated unless otherwise agreed by property owner in written documentation.
- In the event of late payment rental will be subject to $[LateFee.Amount] as penalty for late payment.
- Both parties are in agreement that legal ownership of [Property.Name] will be transferred to renter no later than 5 days following final payment of the total amount due.
- Any fees paid to purchase of property are hereby non-refundable for any reason
- Renter shall maintain property in clean and reasonable operating condition for the duration of this rent to own agreement.
- Failure of payment will result in return of property to owner without any with holdings or time delays.
- In the event that the Renter fails to make payment within 5 days of a payment’s due date, the Owner reserves the right to take possession of the property from the Renter.
The following table depicts total payment amount non-inclusive of any late fees, cleaning fees, or other applicable charges.