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.
Oregon Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own Introduction: An Oregon Lease or Rental Agreement of Personal Property with an Option to Purchase and Own Personal Property, also known as a Lease-to-Own or Rent-to-Own agreement, provides individuals the opportunity to lease or rent a property for a specified period with the option to purchase and become the owner of the personal property. This flexible arrangement allows tenants to enjoy the benefits of possession while having the choice to eventually acquire the property. There are various types of Oregon Lease or Rental Agreements with an Option to Purchase and Own Personal Property, depending on the type of property being leased. Types of Oregon Lease or Rental Agreements with Option to Purchase and Own Personal Property: 1. Residential Property Lease or Rent-to-Own Agreement: This type of Lease or Rental Agreement pertains to residential properties such as houses, apartments, condos, or townhouses. It allows tenants to occupy the property as tenants and offers them the opportunity to buy and become the rightful owners of the property at the end of the agreed-upon lease period. 2. Vehicle Lease or Rent-to-Own Agreement: This type of Lease or Rental Agreement applies to vehicles like cars, motorcycles, trucks, or recreational vehicles (RVs). Individuals seeking immediate vehicular use without a large upfront payment can choose this option and have the opportunity to purchase the vehicle at a later date. 3. Furniture and Appliance Lease or Rent-to-Own Agreement: This type of Lease or Rental Agreement focuses on leasing or renting furniture and appliances for personal or business use. It allows individuals to use the items without the need for full upfront payment. At the end of the lease period, tenants can either return the items or purchase them based on predetermined terms. 4. Commercial Property Lease or Rent-to-Own Agreement: This type of Lease or Rental Agreement applies to commercial properties such as offices, retail spaces, warehouses, or industrial facilities. It offers entrepreneurs and businesses the opportunity to test a property for their operations before committing to purchasing it. Tenants can choose to buy the property at the end of the lease term if it aligns with their business objectives. Key Features of Oregon Lease or Rental Agreements with Option to Purchase and Own Personal Property: 1. Option Fee: Tenants typically pay an option fee during the lease commencement, which grants them the right to purchase the property at a predetermined price within a specified timeframe. This fee is non-refundable and acts as compensation for the property owner/seller taking the property off the market. 2. Rent Credits: Some Lease or Rental Agreements offer rent credits, where a portion of the monthly rent is set aside as accumulated credits. These credits can be applied towards the purchase price if the tenant decides to exercise the option to buy the property. 3. Price Negotiation: The purchase price of the property is agreed upon and specified in the Lease or Rental Agreement. It can be negotiated between the parties involved and should reflect fair market value. 4. Maintenance and Repairs: The responsibilities for maintenance and repairs are typically outlined in the Lease or Rental Agreement. In some cases, the tenant assumes responsibility, while in others, the landlord remains liable. 5. Financing Arrangements: If the tenant decides to exercise the option to purchase, they may need to arrange financing. Availability and terms of financing are not typically part of the Lease or Rental Agreement and should be considered separately. Conclusion: Oregon Lease or Rental Agreements of Personal Property with an Option to Purchase and Own Personal Property provide a flexible solution for individuals and businesses requiring access to properties or items without the immediate need for ownership. With different types of agreements available, such as residential, vehicle, furniture, and commercial property leases, individuals have the opportunity to test, use, and eventually acquire the property they desire.
