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A Kentucky rent-to-own agreement is a rental lease that includes conditions whereby the tenant can purchase the landlord’s property. This type of arrangement allows tenants to move into a potential home as a renter while they raise the necessary financial profile to become its owner. Landlords will often offer a rent-to-own option to appeal to a wider market when they are having difficulty selling their property. The agreement will usually include a raised rent rate and a non-refundable fee that the tenant must pay to secure the option to buy. If the tenant opts out of the option, they will forfeit any funds paid towards a down payment on the property.
Rental Laws – Title 32, Chapter 383 (Uniform Residential Landlord and Tenant Act)
Purchase Agreement Laws – Title 32, Chapter 381 (Title to Property and Restrictions on Use, Ownership, and Alienation) and Chapter 382 (Conveyances and Encumbrances)
Disclosures (4) |
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1) Disclosure of Managers and Agents The landlord must provide the names and addresses of any owners, managers, and agents who are authorized to manage the property and receive and issue notices and demands.
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2) Lead-Based Paint Disclosure The landlord must disclose the presence of lead-based paint on the property if it was built prior to 1978.
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3) Move-in/Move-out Condition Checklist If the tenant pays a security deposit, the landlord must conduct a condition report of the rental unit before the occupancy date.
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4) Security Deposit Disclosure All security deposits must be kept in a bank account used for that sole purpose, and the bank name and account must be given to the tenants.
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