A New Hampshire rent-to-own agreement is a legal document structured for renting and selling residential property in a single contract between a seller and a buyer (also referred to as the landlord and tenant, respectively). The first portion of this agreement contains a residential rental contract, establishing a landlord-tenant relationship between the parties. The second portion of the document is a purchase option agreement, which enables the tenant to become the buyer of the property after the lease expires or upon a certain date. During the option period (typically 1-2 years), the tenant will pay an amount of money on top of their monthly rent, which will go towards the purchase price of the property (“consideration”). In addition to the consideration, the landlord/seller may charge an deposit at the beginning of the arrangement, which is similar to a down payment on a home.
Lease Laws – Chapter 540 (Actions Against Tenants)
Purchase Agreement Laws – Chapter 477 (Conveyances of Realty and Interests Therein)
Lead-Based Paint Disclosure – It is a federal requirement that landlords renting out property built prior to 1978 notify tenants of the possibility of lead-based paint exposure before entering into a rental agreement.
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Repair Notice (RSA 540-A:6(I)(c)) – Within five (5) days of occupying the premises, the tenant should make a list of all required repairs and deliver it to he landlord. It is the landlord’s responsibility to notify tenants that they should compile this list.
Security Deposit Receipt (RSA 540-A:6(I)(b)) – A security deposit receipt signed by the landlord must be provided to tenants if they paid a security deposit in any manner except by check.