Virginia Lease to Own Agreement
A Virginia lease-to-own form is a contract between a landlord and tenant that outlines the conditions and terms of leasing a property with the option of purchasing at a later date. The agreement typically includes details such as the purchase price, term of the lease, and the terms of the option to buy. It also typically outlines the responsibilities of both the landlord and tenant, including any necessary repairs or renovations that must be made by either party.
What is the Downside to Rent-to-Own Contracts?
The biggest downside of rent-to-own is that it can be more expensive than buying a home outright. Since the tenant is paying both rent and a portion of the purchase price, the total amount paid can be much higher than if they were to buy the property directly. Additionally, there are often hidden fees associated with rent-to-own arrangements. Lastly, if the tenant is unable to complete the purchase after the lease term is up, they may lose any money paid toward the purchase price.