Updated April 14, 2023
A New York rent-to-own lease agreement allows a tenant to rent a property while also having an option to purchase during the lease term. The landlord and tenant will commonly negotiate the terms of the sale prior to entering the lease. When ready, the tenant will notify the landlord of their decision to buy the property and a purchase agreement will be made reflecting the agreed-upon terms and conditions.
Rental Application – To be used by the landlord prior to signing the lease to ensure the tenant has the funds to pay the monthly rent and purchase the property.