Delaware Lease to Own Agreement

The Delaware Lease to Own Agreement is a two-fold contract that serves as a residential lease agreement and a purchase agreement. Also called a “Option to Purchase,” the contracts are a form of home buying for those that don’t have the upfront capital to outright purchase a home, or who are not completely set on buying the home and want to live in it as a rental to test if it is a good fit for them. Tenants should understand that buying the property is not mandatory after entering into the contract – the “option” means the tenants can decide to pass on purchasing at the end of the lease term.