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.
The New Hampshire Lease or Rental Agreement of Personal Property is a legally binding document that outlines the terms and conditions under which a person can lease or rent personal property with the option to purchase and own it in the future. This agreement is commonly referred to as a lease-to-own or rent-to-own contract. This agreement allows individuals to acquire personal property without an immediate large financial commitment, providing them with the flexibility to make regular rental payments while deciding whether to exercise the option to buy. It is an advantageous option for those who may not have the means to purchase the property outright or qualify for traditional financing. Key terms and conditions within the New Hampshire Lease or Rental Agreement of Personal Property typically include: 1. Parties: Names and contact details of the lessor (owner or landlord) and lessee (renter). 2. Personal Property: A detailed description of the personal property being leased, including its condition and any accessories or additional items included. 3. Lease Term: The duration of the lease agreement, specifying the start and end dates. This allows both parties to establish the length of the rental period. 4. Rental Payments: The agreed-upon rental amount to be paid by the lessee regularly until the purchase option is exercised. It may also include information regarding late payment penalties, accepted payment methods, and any security deposit requirements. 5. Option to Purchase: The lease agreement should clearly state the lessee's right to purchase the personal property at a predetermined price, either within a certain timeframe or at the end of the lease term. It should specify whether any portion of the rental payments will be applied towards the purchase price. 6. Maintenance and Repairs: The responsibilities for maintaining and repairing the personal property should be outlined in detail, specifying which party is responsible for the costs associated with these tasks. 7. Insurance: It is important to determine whether the lessor or lessee should acquire insurance coverage for the personal property during the lease term. This ensures that the property is protected in the event of damage, theft, or loss. 8. Termination: The conditions under which the lease agreement can be terminated by either party should be clearly defined. This may include breach of contract, non-payment of rent, or voluntary termination with prior notice. Different types of New Hampshire Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property may include variations such as: — Residential Lease or Rental Agreement: Specifically tailored for leasing and renting personal property in residential settings, including houses, apartments, or condominiums. — Commercial Lease or Rental Agreement: Suitable for leasing and renting personal property in commercial spaces, such as offices, retail stores, or warehouses. — Vehicle Lease or Rental Agreement: Used when leasing or renting personal vehicles like cars, trucks, motorcycles, or recreational vehicles (RVs). — Equipment Lease or Rental Agreement: This type of agreement is used for leasing or renting various types of equipment, from construction machinery to computer systems or medical devices. By using a carefully drafted New Hampshire Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property, both the lessor and lessee can protect their rights and responsibilities, ensuring a transparent and mutually beneficial leasing experience.
