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Alaska Rent-to-Own (Lease Option) Agreement

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Updated on September 3rd, 2022

An Alaska rent-to-own agreement (“lease-option”) is an arrangement between an owner/landlord and a tenant that allows the tenant to lease a residential property with the option to purchase the property during a specified option period. This type of agreement allows those with poor credit scores to take steps towards owning a home, giving them a chance to improve their financial standing prior to making a purchase.

During the lease, the tenant will have a portion of their rental payments directed towards the purchase price of the rental. The owner and the tenant will agree to the above-mentioned option term, which is a block of time that is set by the parties where the tenant will have the option to purchase the property.

Lease Laws – Title 34, Chapter 3 (Uniform Residential Landlord and Tenant Act)

Purchase Agreement Laws – Title 34, Chapter 15 (Conveyances) and Chapter 70 (Disclosures in Residential Real Property Transfers)

Disclosures (4)

  1. Absence
  2. Landlord’s Information
  3. Lead-Based Paint Disclosure
  4. Withholding Security Deposit

1) Absence

The landlord must be notified should the tenant leave the premises for a seven (7) day period or longer.

2) Landlord’s Information

The name and address of the individual who will be receiving demands, notices, and service of process, and that of the individual managing the premises must be provided to the tenant.

3) Lead-Based Paint Disclosure Form

For any property built prior to 1978, this form must be provided to new tenants to inform them of the existence, or nonexistence of lead-based paint.

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4) Withholding Security Deposit

The landlord must inform the tenant of any terms and conditions in which the landlord may withhold a portion or the entirety of a security deposit.

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