Massachusetts Lease to Own Agreement

The Massachusetts Lease to Own Agreement (also called a “lease with option to purchase) puts into writing the formalities, conditions, and expectations of the parties bound to an agreement in which a residential home is rented, much like a standard lease, with the added provision that the tenant(s) can purchase the rented property at the end of the lease if they so choose. Before entering in this type of contract, the parties will want to assure that the contract establishes that the monthly payments made by the tenant are more than market-rate to ensure the bank credits the extra payments made toward purchasing the home.