Illinois Lease to Own Agreement
An Illinois rent-to-own contract is a form that enables tenants to rent a property for a specific period of time and, if they choose to do so, to purchase that property for a predetermined purchase price when the lease agreement expires. Typically, tenants pay a lease-option fee to become eligible to purchase the property and may also be responsible for making monthly payments credited toward the purchase price. Additionally, the tenant is typically responsible for additional costs, such as taxes and mortgage closing costs. These types of contracts provide tenants the chance to purchase a property without going through long and complex loan qualification procedures, allowing them to become a homeowner if it suits their needs.