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Pennsylvania Rent-to-Own Lease Agreement

A Pennsylvania rent-to-own lease agreement is a regular lease agreement with an added option to buy the property. It encompasses the regular aspects of a lease agreement including but not limited to monthly rent, deposits, and responsibilities. The option to buy the property will come next explaining the requirements, purchase price, and arrangements recognized by the tenant and landlord. The tenant will pay the agreed monthly rent until they are ready to purchase the property. In some instances, rent paid can apply to the purchase price of the property. The seller in a rent-to-own transaction has to issue certain disclosures per Pennsylvania law.

Seller Disclosures

Use if the tenant decides to buy the property.

Lead-Based Paint Disclosure – Must be disclosed if the property was built before 1978.

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Seller’s Property Disclosure Statement (§ 7304) – This disclosure outlines the seller’s knowledge of material defects to their property.

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