Nevada Lease to Own Agreement
A Nevada lease to own agreement is a tool used by homeowners to rent out their home to tenants while simultaneously giving the tenant the ability to purchase their property should they so choose. Also known as a “rent to own” contract, it skirts the boundary between a purchase agreement and a typical lease, as tenants pay monthly rent to lease a home, yet at the end of the lease term, are given the choice to buy the property. For landlords, this type of agreement can alleviate pressures to sell while also mitigating the risk and liability of having to maintain the property during the contract’s duration. This is because the tenant(s) are completely responsible for repairs and other responsibilities commonly held to landlords in standard leases.
