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.
Maryland Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own provides individuals in Maryland with the opportunity to lease or rent personal property and eventually have the option to purchase and own it. Different types of Maryland Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own may include: 1. Residential Lease or Rent to Own Agreement: This type of agreement allows individuals to lease or rent personal property such as furniture, appliances, electronics, or vehicles with the intent to eventually purchase and own them. 2. Commercial Lease or Rent to Own Agreement: This agreement enables businesses to lease or rent various types of personal property for their operations, such as office equipment, machinery, or specialized tools, with the option to buy and own them in the future. 3. Retail Lease or Rent to Own Agreement: This type of agreement is tailored for retail establishments that require personal property such as point-of-sale systems, showcases, or shelving units, allowing them to lease or rent these items and have the choice to purchase and own them later. 4. Industrial Lease or Rent to Own Agreement: This agreement is suitable for industrial settings where equipment, machinery, or specialized tools are required. It enables businesses to lease or rent these personal property items and gives them the opportunity to acquire ownership over time. Regardless of the specific type of Maryland Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, it typically outlines the terms and conditions of the lease, including the rental period, monthly payments, deposit requirements, maintenance responsibilities, and the purchase price or option to buy at the end of the lease term. It is essential to carefully read and understand the agreement before entering into it, ensuring that both parties are satisfied with the conditions and obligations outlined. Seeking legal advice or having a professional review the agreement is recommended to ensure compliance with Maryland laws and regulations.
