Maryland Lease to Own Agreement
The Maryland Lease to Own Agreement, also known as an Option to Purchase Agreement, is a convenient contract that combines both a residential lease and a purchase agreement. This type of agreement is beneficial for tenants who aspire to become homeowners in the near future. It allows them to rent the property for a specified duration and then have the option to purchase it either before or at the agreement’s expiration.
The agreement should clearly outline the terms and conditions, including the purchase price, payment plan, and other essential details. It is important to note that the purchase aspect of the contract is only applicable if the tenant decides to buy the home; otherwise, it is treated as a standard rental agreement.