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Updated on September 25th, 2021
A Kansas rent-to-own agreement is a document that combines a residential lease and a purchase agreement thereby giving the tenant the option to buy the property. Both parties must agree to the price and conditions before the agreement is signed, and neither can alter these terms once the contract becomes effective. The tenant will often be required to pay a non-refundable “option fee” to secure the right to purchase, in addition to paying a higher rate for the monthly rent.
The advantage for potential buyers of entering into a rent-to-own arrangement is that they can move into a property that they are interested in purchasing and improve their financial position while they are renting as a tenant. However, any investment made in the property (in the form of deposits, fees, and rent) will be lost if they do not purchase before the end of the option term.
Rental Laws – Chapter 58, Article 25 (Landlords and Tenants)
Purchase Agreement Laws – Chapter 58 (Personal and Real Property)
Disclosures (3) |
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The tenant must be given the names and addresses of any owners, agents, and managers who are authorized to manage the premises and serve or receive notices and demands upon and from the tenant.
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2) Inventory and Condition Report An inventory of the contents of the property and its condition must be made within five (5) days of the tenant obtaining possession. |
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3) Lead-Based Paint Disclosure If the residence dates back to 1978 or earlier, the tenant must be given a written disclosure that relays the presence of lead-based paint on the property.
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