An Alabama rent-to-own agreement allows tenants to occupy a property with the option, though not the obligation, to purchase it at a predetermined price once the lease term concludes. Unlike a standard lease, this arrangement gives tenants the chance to make a more informed decision and gradually become homeowners while living in the house.
The document also sets the purchase price, outlines rent payments contributing to the future acquisition, and assigns property maintenance responsibilities. Additionally, prospective tenants typically complete a rental application to demonstrate their suitability. Upon deciding to buy the property, the parties sign a residential purchase agreement defining the sale terms.
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