Maine Lease to Own Agreement
The Maine Lease to Own Agreement allows those wishful of owning a home in Maine, but do not have the money for a downpayment or have an insufficient credit score, the chance to acquire the home by first renting it, then purchasing it at a later date. Although purchasing the property is optional, tenants planning to enter into this type of agreement should plan on purchasing, as a portion of the monthly payments that go towards a down payment will be forfeited (kept by the landlord) if they decide not to go through with the purchase. In lease-purchase contracts, the tenant(s) are typically responsible for all repairs and maintenance and are required to abide by all other conditions as stated in the agreement. However, it’s worth stating that the terms and conditions of the contract can and should be edited and negotiated around specific leasing situations.
Browse Lease-to-Own Homes: HousingList – ME
Reasons for Renting-to-Own:
A property owner may wish to put their house on the market as a rent-to-own home for several reasons, which may include:
- The owner is having trouble selling their home, and are looking for another means of getting it sold
- They are in no rush to sell, and decide they could use the income from renting
- Potential for increased sale price