Alabama Lease to Own Agreement
The Alabama Lease to Own is a contract that allows a homeowner to lease their property to tenants, with the added option for the tenants to purchase the home. The form essentially combines two contracts into one (a standard lease and a purchase agreement). Unlike a standard lease, the agreement requires the parties (the lessee(s) and lessor) to agree on a property purchase price in addition to outlining the typical conditions of the lease agreement. Lease to own agreements typically give more responsibilities to the tenant than a normal lease, such as requiring all repairs to be made. Before signing, it is recommended that the tenant have an appraisal done on the property to ensure a fair price is set.
Laws: §§ 35-9-1 to 35-9-100