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Idaho Rent-to-Own Lease Agreement

An Idaho lease-to-own lease agreement is a multi-purpose document that serves two functions: recording both a rental contract and a purchase agreement. Initially, the form acts as a standard lease in which the landlord receives a monthly lump sum in exchange for offering a residency to a tenant. However, as opposed to basic rental contracts, this type of lease contains a provision allowing for the tenant to transition into buying the property. Leasees must satisfy their tenant role before opting to purchase the real estate. Once they opt into the buy clause, all the purchase terms will be pre-recorded within the initial rent-to-own agreement. Both the landlord and tenant alike must come to a mutual accord on the interim tenancy as well as the eventual purchase, which involves stipulating a fixed purchase price for the real estate on the lease.

Seller Disclosures

Under state and federal laws, the seller of property must provide prospective buyers with the following two (2) forms; the first of which (see below) should only be utilized if the property was erected prior to 1978.

Lead-Based Paint Disclosure – Housing units constructed before 1978 may contain lead-based paint. For that reason, under federal mandates, the seller of such a dwelling shall provide this disclosure form to any potential buyer(s).

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Seller’s Property Disclosure Form (§ 55-2508) – Idaho’s statutes contain the exact language necessary for a disclosure statement so that the seller may inform a potential buyer(s) of material defects affecting the property. Though this specific form is not required, some type of disclosure statement must be issued.

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