Pennsylvania Lease-Purchase Agreement

The Pennsylvania Lease-Purchase Agreement bridges the gap between renting and selling a residential property by providing a tenant with the option to purchase the rented unit or home at the end of the lease term. It is often preferred by tenants that don’t have enough cash saved up to buy the property outright. It is an alternative to traditional financing, allowing tenants to begin making payments towards owning the property while renting it out.

Rent-to-own agreements can be beneficial for the landlord by serving as a steady income while also improving the likelihood that the property will be sold. Additionally, if the renter decides not to purchase the property, the property owner can keep the built-up credit that would have been used as a down payment.