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A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
The most common form of real property lease is a residential rental agreement between landlord and tenant. [7] As the relationship between the tenant and the landlord is called a tenancy, this term generally is also used for informal and shorter leases. The right to possession by the tenant is sometimes called a leasehold interest.
On the other hand, the party making an advance payment retains no right to insist upon the return of the funds as long as the recipient fulfills the contractual agreement. [3] The security deposits required by many residential landlords of their tenants are the source of much dispute and litigation. Many states and municipalities have enacted ...
A habendum clause is a clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. In a deed, a habendum clause usually begins with the words "to have and to hold". This phrase is the translation of the Latin habendum et tenendum that historically commenced these clauses in deeds.
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