Rhode Island Lease to Own Agreement

Otherwise known as a Lease with Option to Purchase Agreement, the Rhode Island Lease to Own Agreement is a contract that states in clear terms that the tenant renting a property from a landlord has the option to purchase it at a later date. The landlord and tenant must come to a mutual agreement about how this arrangement will work. For example, they must agree on such issues as how much the property will sell for, the way in which the tenant will pay for it, and when the purchase may be made.