Idaho Lease to Own Agreement
The Idaho Lease to Own Agreement is a specialized contract that provides tenants with the option to purchase a rented property at the end of the lease term if they choose to do so. Before signing the agreement, both parties typically negotiate the purchase price for the home and the monthly rental payments. These payments generally take place on the first of every month and are usually higher than standard lease payments. This higher amount helps reduce the final purchase price of the property, as a portion of the rent contributes towards the down payment on the home.
Disclosures: § 28-36-105 – It’s important to note that under Idaho law, specific disclosures related to lease-to-own agreements must be provided to the tenant. These disclosures ensure transparency and protect the rights of both parties.