The relationship of landlord/tenant or lessor/lessee is created by contract. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
Tenancies are classified by duration as tenancies for years, from year to year, month to month, and at will. A tenancy for years is one under which the tenant has an estate of definite duration. The term "for years" is used to describe such a tenancy even though the duration of the tenancy is for only one year or for less than a year. A tenancy from year to year or month to month is one under which a tenant, holding an estate in land for an indefinite duration, pays an annual, monthly, or weekly rent.
Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own A Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own refers to a contractual agreement that allows individuals to initially lease an unfurnished property with an option to purchase it at a later date. This arrangement is particularly beneficial for those who may not have the immediate funds or credit eligibility to buy a home outright, but wish to eventually own a property. The lease or rent-to-own option enables tenants to rent the house for a specific period while having an opportunity to secure the property as their own in the future without losing the rent paid during the lease term. Different types of Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own may include: 1. Standard Lease Agreement with Purchase Option: This is the most common type of lease agreement, where tenants have the option to purchase the house at a predetermined price after a specific period, typically ranging from one to three years. During the lease term, the tenant pays rent and a portion of it may be credited towards the future purchase price. 2. Lease with Credit: In this type of agreement, the landlord provides the tenant with a credit amount each month, usually a percentage of the rental payment, which accumulates over the lease term. The tenant can then utilize this credit towards the purchase price if they decide to buy the house. 3. Lease with Price Adjustment: With this type of lease, the purchase price is agreed upon at the beginning, but it also includes clauses that allow for price adjustments. This could be based on factors such as changes in the housing market or the tenant's contribution towards property improvements during the lease term. 4. Lease with Earnest Money: In this scenario, the tenant pays a non-refundable fee, known as earnest money, which is applied towards the purchase price if they choose to exercise the option to buy the property. If the tenant decides not to proceed with the purchase, the landlord retains the earnest money. Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own agreements typically outline details such as the monthly rent, lease term, purchase price, option period, option fee (if any), and the allocation of rent credits towards the purchase price. These agreements should be carefully reviewed and understood by all parties involved, ideally with the assistance of legal counsel, to ensure compliance with Rhode Island real estate and rental laws, and to protect the rights and interests of both the tenant and the landlord.Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own A Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own refers to a contractual agreement that allows individuals to initially lease an unfurnished property with an option to purchase it at a later date. This arrangement is particularly beneficial for those who may not have the immediate funds or credit eligibility to buy a home outright, but wish to eventually own a property. The lease or rent-to-own option enables tenants to rent the house for a specific period while having an opportunity to secure the property as their own in the future without losing the rent paid during the lease term. Different types of Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own may include: 1. Standard Lease Agreement with Purchase Option: This is the most common type of lease agreement, where tenants have the option to purchase the house at a predetermined price after a specific period, typically ranging from one to three years. During the lease term, the tenant pays rent and a portion of it may be credited towards the future purchase price. 2. Lease with Credit: In this type of agreement, the landlord provides the tenant with a credit amount each month, usually a percentage of the rental payment, which accumulates over the lease term. The tenant can then utilize this credit towards the purchase price if they decide to buy the house. 3. Lease with Price Adjustment: With this type of lease, the purchase price is agreed upon at the beginning, but it also includes clauses that allow for price adjustments. This could be based on factors such as changes in the housing market or the tenant's contribution towards property improvements during the lease term. 4. Lease with Earnest Money: In this scenario, the tenant pays a non-refundable fee, known as earnest money, which is applied towards the purchase price if they choose to exercise the option to buy the property. If the tenant decides not to proceed with the purchase, the landlord retains the earnest money. Rhode Island Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own agreements typically outline details such as the monthly rent, lease term, purchase price, option period, option fee (if any), and the allocation of rent credits towards the purchase price. These agreements should be carefully reviewed and understood by all parties involved, ideally with the assistance of legal counsel, to ensure compliance with Rhode Island real estate and rental laws, and to protect the rights and interests of both the tenant and the landlord.
