New Jersey Lease to Own Agreement
The New Jersey Lease to Own Agreement serves as a residential lease (3-year average duration) and an option to purchase property, all in a single document. This type of contract has many unique aspects in comparison to other leases that should be kept in mind by both property owners and eager homebuyers. One of which is that there is a negotiable option fee that will be tacked on to the monthly rent. This fee, which ranges from one (1) to five (5) percent, is contributed towards the down payment. The caveat to this is that the built-up amount is foregone if the tenant(s) do not purchase the home at the end of the lease term.