Rhode Island Lease to Own Agreement
A Rhode Island rent-to-own contract is an agreement between a tenant and a landlord that allows the tenant to rent a property for a specified period of time with the option to purchase the property at some point in the future. The tenant pays a set rental fee and an additional amount, known as an option fee, which grants them the right to purchase the property at a predetermined price. While the tenant can terminate the contract anytime, the option fee is non-refundable. The contract also outlines the consequences of nonpayment of rental fees and outlines the tenant’s responsibilities with regard to upkeep and maintenance.