RENT-TO-OWN AGREEMENT
This Agreement is made on [Date] between [Lessor] and [Lessee]
- Parties. This Agreement is between [Owner Name], R/o [Address] (the "Owner/Lessor") and [Tenant-Buyer Name], R/o [Address] (the "Tenant/Lessee").
- Property Description. The property is [Flat/House No., Locality, City, PIN], admeasuring [Area], with fittings as per the annexed inventory.
- Term / Duration. The rental term runs for [X] years from [Start Date] to [End Date], during which the purchase option may be exercised.
- Rent & Rent-Credit. Monthly rent of Rs. [Amount] is payable by the [5th]; Rs. [Credit] of each rent shall be credited towards the purchase price.
- Purchase Price. The agreed purchase price is Rs. [Amount], from which accumulated rent-credit and any option fee shall be deducted at closing.
- Option Fee & Deposit. A non-refundable option fee of Rs. [Amount] and a refundable deposit of Rs. [Amount] are paid on signing.
- Option to Purchase. The Tenant may exercise the option to buy by written notice before [Option Deadline]; on exercise, a Sale Deed shall be executed.
- Use & Maintenance. The property shall be used for [residential] purposes; the Tenant shall maintain it in good condition.
- Utilities. Electricity, water and society charges during the rental period shall be borne by the Tenant.
- Default. If the Tenant fails to exercise the option or defaults, the option fee and rent-credit shall be forfeited and the tenancy shall end.
- Termination. Either party may terminate for breach after [one] month's notice; on completion of purchase, this Agreement merges into the Sale Deed.
- Stamp Duty & Registration. Stamp duty and registration of the rental agreement and final Sale Deed shall be borne by the [Tenant/Buyer].
- Governing Law. This Agreement is governed by Indian law, subject to courts at [City].
IN WITNESS WHEREOF the parties have executed this Agreement on the date first written above.
___
[Owner]
[Owner]
___
[Tenant-Buyer]
[Tenant-Buyer]
___
Witness 1: [Name & Address]
Witness 1: [Name & Address]
___
Witness 2: [Name & Address]
Witness 2: [Name & Address]