South Dakota Lease to Own Agreement

A South Dakota rent-to-own contract is a contract between a landlord and tenant that combines elements from a residential lease and a purchase agreement. This type of contract allows the tenant to make regular payments in order to eventually own the property. It is essential to include the details of the contract, such as the length of the agreement, the total cost of the property, the amount of rent paid each month, the cost of monthly payments, and any other applicable fees. Additionally, the contract should outline the responsibilities of both the landlord and tenant, such as the landlord’s responsibility for conducting repairs and the tenant’s responsibility for making consistent payments. Finally, the contract should also specify the terms of the tenant’s ownership when the agreement is completed, such as the title to the property and how a closing would occur.