The Maryland rent to own agreement divulges the conveyed arrangement to rent a residence for a particular length of time and monthly payment. The written expression of the terms and conditions associated with the lease are consolidated along with an allocated first right of refusal to buy the property when the leasing period has expired. The contract essentially grants the right of use of the home, firstly, mapping out the payment schedule, security deposit, lease duration length, and property policies. The secondary function of the form serves to incorporate the opportunity to purchase the dwelling when the rental term has ended. This offered understanding to allow the tenant the option to buy is presented with qualifying conditions determining:
State regulation mandates that all lease to own agreements must contain specific language (in capital letters) to be legally binding (§8–202):
Maryland Association of Realtors Lease Option Agreement (Supplementary form to the Maryland Association of Realtors Lease Agreement) – PDF