Tennessee Lease-to-Own Agreement
A Tennessee lease-to-own agreement is a contract between a tenant and a landlord wherein the tenant pays higher-than-standard rental payments each month in order to have the option to buy the property when the contract ends. The rent-to-own agreement includes details about the rental period, the purchase price, any upfront costs, and the parties right to terminate the agreement early. It also includes details about the tenant’s responsibilities, such as paying maintenance and repair costs, keeping the property in good condition, and meeting specific occupancy requirements. The contract is legally binding and must be signed by both parties in order to be enforceable.