Kentucky Lease to Own Agreement
The Kentucky Lease to Own Agreement is a user-friendly contract that combines both renting and the option to purchase a home. This type of agreement is popular among tenants who may have difficulty obtaining a loan, often due to poor credit scores. It allows them to improve their credit score over the lease term, after which they can choose to either purchase the property or walk away.
The contract provides potential buyers with the opportunity to experience living in the property before making a long-term commitment to homeownership. The agreement should clearly outline the terms and conditions, including the purchase price, payment plan, and other essential details. All parties involved should carefully read and understand the terms of the contract to ensure compliance with Kentucky Rental-Purchase Agreement Law (§§ 367.976 to 367.985).