The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
Hennepin Minnesota Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own is a legally binding contract that outlines the terms and conditions between a landlord or property owner and a tenant or renter. This agreement allows individuals in Hennepin County, Minnesota, to lease or rent various types of personal property with the option to purchase and eventually own the property. There are several types of Hennepin Minnesota Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to OwnSomehe common types include: 1. Residential Lease or Rental Agreement: This type of lease agreement is used for leasing or renting residential properties, such as houses, apartments, or condominiums, with the option to purchase and own the property at a later date. It outlines the duration of the lease, rent payment terms, security deposit requirements, maintenance responsibilities, and the option price for purchasing the property. 2. Commercial Lease or Rental Agreement: This type of lease agreement is used for leasing or renting commercial properties, such as office spaces, retail stores, or warehouses, with the option to purchase and own the property in the future. It encompasses details related to the lease term, monthly rent, security deposit, maintenance obligations, and the purchase price of the property. 3. Vehicle Lease or Rental Agreement: This type of lease agreement is used for leasing or renting vehicles, such as cars, trucks, or motorcycles, with the option to purchase and own the vehicle after the lease period ends. It includes information regarding the lease term, monthly payments, mileage restrictions, maintenance responsibilities, and the purchase price option. 4. Equipment Lease or Rental Agreement: This type of lease agreement is used for leasing or renting various types of equipment or machinery, such as construction equipment, farming equipment, or medical equipment, with the option to purchase and own the equipment at a later date. It specifies details related to the lease term, rental payments, maintenance requirements, and the purchase price option. Regardless of the specific type of Hennepin Minnesota Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own, it is crucial for both parties involved to thoroughly review and understand the terms and conditions stated in the agreement. Seeking legal advice before signing the contract is recommended to ensure compliance with local laws and regulations.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
