The following lease or rental agreement form is meant to be used by one individual dealing with another individual rather than a dealership situation. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A New Mexico Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own, also known as Lease or Rent to Own, is a legally binding contract that allows an individual to lease or rent a mobile or manufactured home with the option to buy it at a later date. This type of agreement is particularly beneficial for individuals who may not have the immediate financial means to purchase a home or want to test out living in a particular area before committing to ownership. Below are different types of Lease or Rent to Own agreements available in New Mexico: 1. Basic Lease or Rental Agreement: — This agreement outlines the terms and conditions of leasing or renting a mobile or manufactured home with the option to purchase it in the future. It includes details such as the duration of the lease, monthly rent, security deposit, and rights and responsibilities of both the tenant and landlord. 2. Lease-Purchase Agreement: — This type of agreement sets out a predetermined purchase price for the mobile or manufactured home. It specifies the duration of the lease period and the percentage of rent that will be applied towards the purchase price. At the end of the lease term, the tenant has the option to buy the home at the agreed-upon price. 3. Rent-to-Own Agreement: — This agreement allows tenants to rent a mobile or manufactured home for a specified period while gradually building equity towards the purchase price. A portion of the monthly rent is credited towards the final purchase. If the tenant decides not to purchase the home, the accumulated rent credit may be forfeited. 4. Option to Purchase Agreement: — This type of agreement provides the tenant the exclusive option to purchase the mobile or manufactured home within a predetermined timeframe. The tenant pays a set fee for the option, which is separate from the monthly rent payment. If the tenant decides not to exercise the option, the fee is typically non-refundable. 5. Lease-Purchase with Seller Financing Agreement: — In this agreement, the landlord/seller also acts as the financing source for the purchase of the mobile or manufactured home. The tenant makes monthly payments, which include both rent and a portion towards the purchase price, but the title transfer occurs only upon full payment. It is important to carefully review and understand the specific terms and conditions of any Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own before signing. Consulting with a real estate attorney or professional is advisable to ensure all legal aspects are covered and protect both parties' interests.A New Mexico Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own, also known as Lease or Rent to Own, is a legally binding contract that allows an individual to lease or rent a mobile or manufactured home with the option to buy it at a later date. This type of agreement is particularly beneficial for individuals who may not have the immediate financial means to purchase a home or want to test out living in a particular area before committing to ownership. Below are different types of Lease or Rent to Own agreements available in New Mexico: 1. Basic Lease or Rental Agreement: — This agreement outlines the terms and conditions of leasing or renting a mobile or manufactured home with the option to purchase it in the future. It includes details such as the duration of the lease, monthly rent, security deposit, and rights and responsibilities of both the tenant and landlord. 2. Lease-Purchase Agreement: — This type of agreement sets out a predetermined purchase price for the mobile or manufactured home. It specifies the duration of the lease period and the percentage of rent that will be applied towards the purchase price. At the end of the lease term, the tenant has the option to buy the home at the agreed-upon price. 3. Rent-to-Own Agreement: — This agreement allows tenants to rent a mobile or manufactured home for a specified period while gradually building equity towards the purchase price. A portion of the monthly rent is credited towards the final purchase. If the tenant decides not to purchase the home, the accumulated rent credit may be forfeited. 4. Option to Purchase Agreement: — This type of agreement provides the tenant the exclusive option to purchase the mobile or manufactured home within a predetermined timeframe. The tenant pays a set fee for the option, which is separate from the monthly rent payment. If the tenant decides not to exercise the option, the fee is typically non-refundable. 5. Lease-Purchase with Seller Financing Agreement: — In this agreement, the landlord/seller also acts as the financing source for the purchase of the mobile or manufactured home. The tenant makes monthly payments, which include both rent and a portion towards the purchase price, but the title transfer occurs only upon full payment. It is important to carefully review and understand the specific terms and conditions of any Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own before signing. Consulting with a real estate attorney or professional is advisable to ensure all legal aspects are covered and protect both parties' interests.
