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Michigan Rent-to-Own Lease Agreement

A Michigan rent-to-own agreement is a legal document that contains the agreed-upon terms of a lease of a landlord’s property by a tenant, along with a section outlining the tenant’s option to purchase the property. Like a standard lease agreement, it will contain a section setting out terms like monthly rent and responsibility for utilities. Along with these provisions, it will have a separate, additional section devoted to the tenant’s future ability to purchase the property from the landlord.

Seller Disclosures

If the buyer decides to buy the property the following disclosures are required to be completed by the landlord.

Lead-Based Paint Disclosure – Under federal law, all owners must include this disclosure when the property being sold includes a dwelling unit erected prior to 1978.

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Seller’s Property Disclosure Statement– Per § 565.957 of the Michigan Compiled Laws, a seller is required to disclose material defects with a property being sold, and may use a form such as this.

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