A Rhode Island rent-to-own lease agreement authorizes a normal lease arrangement between a landlord and a tenant that includes an option for the tenant to purchase the property. It encompasses standard components of a lease agreement, including but not limited to monthly rent, deposits, and responsibilities. Then comes the option to buy the property explaining the arrangements, requirements, and purchase price that the tenant and landlord agreed upon. The tenant will usually pay the agreed monthly rent until they alert the landlord they’d like to enter into the purchasing phase of the agreement. In some cases, rent paid can apply to the purchase price of the property. The landlord in a rent-to-own transaction has to issue certain disclosures per Rhode Island law.

Seller Disclosures

Provide when the tenant decides to purchase the property.

Lead-Based Paint Disclosure – Use this disclosure if the property was built before 1978.

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Real Estate Sales Disclosure Form (§ 5-20.8-2) – Provides buyers with a detailed description of the material conditions of a particular property.

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