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A New Jersey rent-to-own agreement is a combination rental/purchase contract designed to establish a residential rental arrangement and a purchase option between a buyer and a seller of real property. In this scenario, the buyer starts off as the seller’s tenant, paying monthly rent until the option period runs out, which will either be the term of the lease, a fixed term, in perpetuity, or any other period as the parties see fit.
The rental arrangement will be governed by the lease portion of the agreement, and the purchase arrangement governed by the option to purchase portion. The tenant will be required to pay a certain amount of money, either combined with their monthly rent payments or as a separate fixed price, for their right to purchase the property at a later date. A deposit may also be charged to the buyer/tenant as a type of down payment to secure the option to purchase.
Lease Laws – Title 46, Chapter 8 (§ 46:8-1 to § 46:8-1-50) and Title 2A, Chapter 42
Purchase Agreement Laws – Title 46 (Property)
Disclosures (4) |
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It is required that landlords notify tenants before occupancy that the property being rented is in a flood zone (if applicable). This Flood Zone Lookup Tool can be used to determine whether a property is affected.
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2) Lead-Based Paint Disclosure It is required that landlords disclose the fact that lead-based paint may be present on the premises if the property being rented was built before 1978.
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Landlords who are renting property that has at least two (2) rental units (three (3) if the landlord occupies one unit) must provide this Truth in Renting document to all tenants.
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Tenants who have children aged ten (10) years or younger have the right to demand that their landlords install window guards, and landlords must disclose this fact to all tenants in the lease agreement. (This only applies to buildings that have three (3) or more units.)
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