Pennsylvania Lease-Purchase Agreement

The Pennsylvania Lease-Purchase Agreement (otherwise known as a “Lease to Own Agreement” or a “Lease Option”) serves to bridge the gap between renting and selling a residential property, allowing homeowners to enter into a contract that provides them with consistent revenue stream from rental payments, with a strong chance of having their home bought at the end of the leasing term. The agreement is notably seller-friendly for multiple reasons, the greatest being that in the case the renter decides not to purchase the property, the property owner can keep the built-up credit that would have been used as a down payment. Like all legal contracts, consulting with a licensed Pennsylvania attorney or realtor can provide guidance and affirmation as to the legality and practicality of a drafted contract.