Florida Rent to Own
A Florida rent to own agreement is a legally binding contract signed by both the landlord and a tenant but with an option to buy the property at the end of the lease period. Florida state laws govern the contents of a rent to own property contracts.
If the agreement contains terms that are against the law, those terms are considered void and cannot be enforced against the tenant in a court of law. However, any party that violates the terms in the rent to own agreement will be subject to penalties.
What Florida law says about rent to own contracts?
According to Florida statutes, for a rent to own agreement to be legally binding, it should be formal (in writing) and signed by both parties. The contract must include all the important terms before the landlord and tenant can sign it. A copy of the rent to own document must be delivered to the tenant.
The lease to own agreement must also state clearly all the information using simple and common understood words and phrases. Rent to own should also be divided into different section and each topic clearly labelled. All the amounts and percentages in a Florida lease to own agreement must be in numbers rather than words.
Additionally, extra information may be included in a Florida lease to own property contract, but the info should not contradict, detract or draw attention from any disclosures.
Basic details in a Florida rent to own property agreement
- Name and address of lessor and lessee
- Property description
- Property purchase price and option purchase fee
- Rent amount
- The party responsible for property maintenance and servicing during the lease term and a brief description of responsibilities
What should be included in a Florida rent to own agreement?
If you’re familiar with a lease or rental agreement, then all the information in a lease agreement should also be in a lease to own contract. Information such as premise type & address, tenant and landlord information, premise guidelines and the lease term is also included in a rent to own agreement.
What is the difference between a rent to own and a rental/lease agreement?
The only distinguishing factors between rent to own and a lease or rental agreement is that:
- Rent to own includes information about whether the potential buyer has independent legal advice before signing the document
- A lease to own agreement has a section about payment and purchase information. Purchase price and option to purchase fee are added in this section.
The consequences of not using a rent to own property in Florida
While our lease to own contract might cost less than 20 bucks, the consequences of not using one might cost you a lifetime of regrets. As a landlord, you’d be left with very few options without rent to own agreement.
The tenant might not follow through on their oral promise to purchase the property at a certain amount at the end of the lease term. The tenant might also deny paying maintenance or servicing on the property.
Free rent to own agreement forms for houses
Our Florida rent to own form is available for free to input data and get a preview of the final document. However, note that to have the document downloaded to your computer for printing; you should pay a small fee that helps us keep our system running. It’s a professional document same as the one you’d get from a lawyer.