A Missouri rent-to-own agreement is a lease/purchase-option contract for residential real estate involving a tenant (the buyer) and their landlord (the seller). Entering into this type of rent-to-own contract means that the tenant can choose to purchase the property they are renting after the fixed-lease term has ended (also known as the “option period”). They reserve the right to not make the purchase when the time comes, but they will lose some money in the process.
During the lease period, the tenant will pay rent on a monthly basis and the landlord may charge a premium on top of that, the entirety of which will go towards the final purchase price. Another stipulation of the rent-to-own agreement is the option deposit, an amount of money determined by the landlord that secures the tenant’s right to buy the property.
Purchase Agreement Laws – Chapter 442 (Titles and Conveyance of Real Property)
When a landlord rents out property built prior to 1978, they must provide prospective tenants with this lead-based paint disclosure.
If the landlord is aware of the property having been used for producing methamphetamine, they must disclose this information to the tenant in writing before the commencement of the tenancy.
The landlord or person authorized to enter into a lease agreement on their behalf must disclose to the tenant the names and addresses of the person authorized to manage the property and the owner (or person authorized to act on their behalf) for the purposes of service of process and receiving and sending notices and demands.