Georgia Lease to Own Agreement
The Georgia Lease to Own Agreement (Form F36) is a longer-termed lease agreement in which tenant(s) renting a property (typically a home or condo), are given the option, not the requirement, to purchase the property at the end of the lease term. The aim of the form (also called an “Option to Purchase Contract”) is to make the purchase of a rented home more affordable and to give the renters a chance to determine if the home is the right fit for them. To aid in affordability, monthly rent payments are typically higher than the average lease, as a portion of said rent will go towards a credit which goes toward the down payment if the renters decide to go through with the purchase. If the tenants decide to forego acquiring the home, the credit built will not be recoverable.