A Wyoming rent-to-own agreement is a lease that offers tenants the option to buy the rental property at a certain point during the term. It allows individuals with a poor credit score to move into their desired property and, over time, make efforts toward improving their financial standing. Rent-to-own leases require tenants to submit a non-refundable fee before moving in. With this fee, the tenant earns buying rights to the property and ensures that their purchase offer will be acknowledged before other prospective buyers.
The tenant’s purchase can only be made during the option term (typically set toward the end of the agreement). If an offer is not presented during the option term, the tenant’s investment will be lost, and the landlord can negotiate with other interested buyers.
Rental Laws – Title 1, Ch. 21, Art. 12 (Residential Rental Property)
Purchase Agreement Laws – Title 34 (Property, Conveyances and Security Transactions)
Used to caution tenants about moving into a dwelling that may contain hazardous lead-based paint (required if the dwelling was built before 1978).
The tenant must be informed in writing if any portion of their security deposit is non-refundable before they submit payment.