A Tennessee rent-to-own lease agreement is a standard lease agreement that also has an option to buy the property. It consists of regular components of a traditional lease agreement, including but not limited to monthly rent, deposits, and responsibilities. Then the option to buy the property explains the arrangements, purchase price, and requirements arranged by the landlord and tenant. The tenant pays monthly rent until they alert the landlord that they would like to buy the property. Depending on the deal between the parties, rent paid can apply to the purchase price. The seller in a rent-to-own transaction needs to issue certain disclosures per Tennessee law.

Seller Disclosures

Use if the tenant decides to purchase the property.

Lead-Based Paint Disclosure – Use of the form is necessary for the sale of properties erected before 1978.

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Residential Property Condition Disclosure (§ 66-5-202(1)) – Informs the buyer of the material condition of a property.

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Residential Property Condition Disclosure Waiver (§ 66-5-202(2)) – The buyer waives their right to receive a property condition report and purchase the property “as is.”

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