Thank you for downloading our template.
If you find the document valuable, please leave us a review. It really helps us get the word out and makes what we're doing even more worthwhile.
A Nevada rent-to-own lease allows a landlord to rent a property while also giving the tenant the option to buy it. Before signing a lease, the landlord will undergo the same screening process and check the tenant's financials. After confirming that the tenant has the financial means to purchase or at least rent, an agreement should be drafted that specifies the monthly rent amount as well as the terms of the sale. If the parties want to sell the property, they should convert the lease into a purchase agreement.
A landlord uses a rental application to acquire personal information from a renter and their consent to run a credit and background search.
These types of lease agreements have the basic elements that should be present in all standard leases. That is, the term of the lease, the regulations tenants must follow, the deposit amount, and other relevant details. This part of the agreement is separate from the ability to purchase the property which is governed by its own set of rules.
At the end of the day, a tenant must fulfill the obligations of a tenant like keeping the property in good condition and paying rent on time. Likewise, the landlord must continue to fulfill the obligations of a landlord such as major repairs to the property.
For the purchase option, there are many ways to structure it so that it favors bother parties, the tenant, or the landlord. For example, it can state that the option can only be exercised when another buyer presents a qualified offer. Or, the tenant will need to exercise their option within a specific time period instead of an indefinite clause or having it tied to the length of their lease.
The price negotiations can be deferred until the option is exercised or it can be decided upon right when the lease is being signed. As you can see, there are multiple possible scenarios so it’s important to do the proper due diligence before signing the document.
Save the rent-to-own lease agreement from this page in a Word or PDF file by clicking the download button. Conversely, you can use the document creator available on this page to make a customized lease agreement in just a few moments. Click the generate button to get started.