Maryland Lease to Own Agreement

The Maryland Lease to Own Agreement (Option to Purchase Agreement) is a type of residential lease that gives tenants, who are looking to be homeowners in the near future, the option to purchase a home after renting it for a set length of time, either before or at the agreement’s expiration. The contract works by essentially combining two (2) separate types of agreements: a rental lease and a purchase agreement. However, the “purchase” side of the contract is only utilized if the tenant(s) choose to go ahead and buy the home – if they decide to walk away, it was as if they solely rented the property.