Arizona Lease to Own Agreement
The Arizona Lease to Own, otherwise known as a “Lease Agreement with Option to Purchase,” is similar to a one (1) year residential lease agreement, except that it contains a provision that allows the tenant to purchase the property at the end of the term. Additionally, the contract typically requires the tenant to pay more for rent. While this may sound unfavorable for the tenant, a portion of the rent goes towards the price of the home, requiring the tenant to pay less in the event they do decide to purchase. However, tenants are almost always required to pay a certain percentage of the property’s price upfront, which is foregone if the tenant decides not to go through with acquiring the property.