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.
Travis Texas Lease or Rental Agreement of Personal Property A Travis Texas Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, commonly referred to as a Lease or Rent to Own agreement, is a legal contract that allows individuals in Travis County, Texas, to lease personal property for a specified period with an option to buy or own the property at the end of the agreement. This type of agreement provides flexibility for individuals who may not have the financial means to purchase personal property outright, but still wish to eventually own it. Key Features of Travis Texas Lease or Rental Agreement of Personal Property: 1. Personal Property: This agreement covers a wide range of personal property, including but not limited to furniture, appliances, electronics, vehicles, instruments, machinery, and equipment. The specific type of personal property is stated in the agreement. 2. Lease Term: The agreement specifies the duration of the lease, typically ranging from a few months to several years. Both parties, the lessor (property owner) and lessee (individual leasing the property), agree upon the term. 3. Rent Payments: The lessee agrees to make regular rent payments to the lessor throughout the lease term. The rent payments depend on factors such as the value of the property, length of the lease, and any additional services provided by the lessor. 4. Option to Purchase: This type of agreement also includes an option for the lessee to purchase the leased property at the end of the lease term. The purchase price is determined at the beginning of the agreement and can be a fixed amount or based on market value. 5. Rent Credits: In some cases, a portion of the rent payments made during the lease term may be credited towards the final purchase price. These rent credits provide an incentive for the lessee to exercise their option to purchase the property. Types of Travis Texas Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property: 1. Residential Lease or Rent to Own Agreement: This type of agreement is commonly used for personal property such as furniture, appliances, or electronics that individuals might lease for their homes. It allows the lessee to gradually own the items they use daily. 2. Vehicle Lease or Rent to Own Agreement: This agreement is specifically designed for leasing vehicles, including cars, trucks, motorcycles, or recreational vehicles. It provides individuals with the opportunity to lease a vehicle for a set period before deciding whether to buy it. 3. Commercial Lease or Rent to Own Agreement: This type of agreement is relevant for personal property like machinery, equipment, or office furniture, leased for commercial purposes. It allows businesses to acquire essential assets while maintaining their cash flow. In conclusion, Travis Texas Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property offers individuals in Travis County a flexible approach to acquire personal property. Depending on their needs, individuals can choose from different types of agreements, including residential, vehicle, or commercial leases.
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.
