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Updated on September 24th, 2021
A Connecticut rent-to-own agreement is a contract between a property owner and an interested buyer that combines a fixed-term lease and purchase proposal for residential property. In the document, the buyer agrees to rent the owner’s property as a tenant for the duration of the lease with the option to purchase the residence in accordance with the contract.
In many cases, the tenant will pay a higher monthly rate with a percentage of monthly payments going towards the purchase price. Under a lease option agreement, the tenant is not required to buy the residence; however, they will lose all of their investment if they opt-out.
Rental Laws – Chapter 830 (Rights and Responsibilities of Landlord and Tenant)
Purchase Agreement Laws – Title 47 (Land and Land Titles) and § 20-327b
Disclosures (4) |
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The tenant must be informed in writing if the unit is located in a common interest community. |
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If the building where the dwelling is located requires a fire sprinkler system, tenants must be informed if the fire sprinkler system exists or not. If a fire sprinkler system exists in the building, tenants need to be made aware of the latest inspection date. Both pieces of information must be stated in at least twelve-point boldface type in a uniform font.
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The landlord or their agent must disclose to the tenant the name and address of the individual authorized to manage the premises, and of the individual authorized to receive notices, demands, and service of process.
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4) Lead-Based Paint Disclosure According to federal law, new tenants must be made aware of the possibility of toxic paint on the premises if the rental unit was built before 1978.
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