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A Nevada rent-to-own agreement is a residential lease contract combined with a purchase and sale contract that binds together a landlord/seller and a tenant/buyer. This agreement is used when the parties wish to enter into a rental arrangement that gives the tenant the option to buy the property outright after the lease expires. The principal terms in a rent-to-own agreement are the rent amount, consideration, option fee, purchase price, and the length of the lease. The tenant must pay rent to the landlord on a monthly basis; however, a rent credit may be applied to the monthly rent, making the total cost higher but allocating a portion of it towards the purchase price.
Lease Laws – Chapter 118A (Landlord and Tenant: Dwellings)
Purchase Agreement Laws – Chapter 111 (Estates in Property; Conveyancing and Recording) and Chapter 113 (Sales of Real Property)
Disclosures (3) |
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If a property being leased to a tenant is subject to foreclosure, the landlord must notify the tenant of this fact in writing.
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2) Inventory and Condition of Premises A list of the inventory (appliances, furniture, fixtures, etc.) and the condition of the premises must be signed by the landlord and attached to the lease agreement.
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3) Lead-Based Paint Disclosure To act in accordance with federal law, landlords must provide this disclosure form to prospective tenants if the property they are renting out was constructed before 1978.
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