Michigan Lease to Own Agreement
The Michigan Lease to Own Agreement begins as a standard lease, pertaining to all of Michigan’s required standard lease laws all the while containing the protections commonly afforded to standard rental agreements. However, at its expiration, it can potentially serve as a real estate purchase agreement. Potentially, referring to the fact that the tenant can decide to purchase the rented property if desired. To save the most amount of money, tenants should enter the agreement with the expectation that they will purchase the home, as each monthly payment is considerably more than the average rent. This is because a portion of each monthly payment builds to form as a credit on a down payment, which is foregone if the tenant(s) walk away from purchasing.