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the rent to own rental agreement what is a rent to own agreement a rent to own agreement is a document where two parties a tenant and a landlord agree on the terms of renting the apartment and assume that the rented apartment might be bought by the tenant within a specified period the only difference between a standard lease and this document is that the tenant might carry more maintenance responsibilities in the premises and pay higher rent which can be partly or entirely held in an escrow account until the time of purchase why would you need to write a rent to own agreement such an agreement allows the tenant to have a certain privilege regarding purchasing the premises they are going to rent that is to buy the apartment during a specified period before the owner decides to offer it to a third party in such an agreement there is an obligation of the seller to sell the unit however the buyer is not bound to buy the property if the tenant decides not to become a purchaser the document should state what happens to the money that is held for the purchase of the dwelling unit what should a rent to own agreement include the document includes all the provisions of the basic lease plus a provision that makes it a separate type of the residential agreement you need to include start and end dates amount of the security deposit the amount periodicity and method of rent payments the condition of the premises is expected by the tenant utility responsibilities and additional services if any rights and obligations of the parties provision about changes in the lease terms of eviction termination and landlords entry purchase price and option fee if any down payment period of option disclosures required by the state and the signatures of the parties if you need a document written according to all requirements of your state use our step-by-step document builder