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Georgia Rent to Own

Landlord Advice

A Georgia rent to own property agreement is a legally binding contract between a landlord and a potential new homeowner with an option to purchase the rented/leased property at some point during the agreement. Some percentage of rent to own monthly rental payments goes towards the payment of the property.

What are the requirements of a rent to own property in Georgia?

Rent to own agreement must be formal and also meet the requirements put for in Georgia statutes. Section 10-1-682 of Georgia Lease-Purchase Agreement, a lease with an option to buy must include the following:

  • Sufficient information to identify the lessor and the lessee and a brief description of the leased property
  • The party responsible for maintenance and servicing the property
  • Purchase price, option to purchase fee and other information related to rent payments
  • Lease termination conditions
  • The amount of other payments that are not included in the periodic payments

How to write a Georgia rent to own agreement

Writing a Georgia lease/rent to own agreement is much easier using our simplified rent to own form. If you’re familiar with a rental or lease agreement form, you will discover that a rent to own form is almost similar with a lease agreement form with only a few extra details.

All the information included in a rental/lease agreement such as premise address, tenant and landlord name and address, premise guidelines and term of the notice should also be included in a Georgia rent to own agreement.

Rent to own vs rental agreement forms

Rent with an option to buy does come at a price for the tenant. A tenant will be required to pay “option to purchase fee”. The fee can be a set amount that’s paid upfront between 2.5-7% or it can be a certain amount deducted from the monthly rent payments. This amount is non- refundable, but it can also be applied as a credit to the property purchase price if it’s exercised.

Rent to own property contract should also state whether the tenant will require independent legal advice before signing the lease to own document.

In some cases, the tenant will be required to pay some extra amount for maintenance and repairs as the tenant will have shown interest in the property. Repairs can range from repairing the roof to fixing plumbing leaks. Additionally, both parties should negotiate the person responsible for property taxes and other expenses before committing to a rent to own agreement.

Georgia rent to own template

If you’re looking to create a rent to own agreement in Georgia, we’ve got you covered. While rent to own contract will cost you hundreds of dollars if you visit a lawyer, our rent to own template generator will do that for you for cheap while maintaining a professional look.

The form is easy, simple to fill and also stress-free- you don’t have to make a trip to your lawyer’s office to have the document. All you need is to complete the form, and our system will handle everything for you.