Minnesota Lease to Own Agreement
The Minnesota Rent-to-Own Contract is a straightforward agreement that merges aspects of a typical residential lease with the option for tenants to purchase the property. This arrangement is beneficial for individuals who may not have the financial means for an immediate down payment or might not be eligible for a loan.
The contract designates a portion of the tenant’s monthly rent to be reserved for a down payment, should they opt to buy the property later. However, if the tenant ultimately chooses not to purchase the home, the accumulated down payment is retained by the landlord.