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 Tennessee Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own, also known as a Lease or Rent to Own agreement, provides individuals with the opportunity to lease a stationary manufactured home while having the option to eventually purchase and own it. This type of agreement allows tenants to have the flexibility of living in a mobile home while working towards homeownership. The Tennessee Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own typically includes the following key elements: 1. Lease Term: The agreement stipulates the duration of the lease period, which can range from several months to multiple years, depending on the terms agreed upon. 2. Monthly Rent Payment: The rental agreement outlines the amount of monthly rent to be paid by the tenant. This generally includes the rental amount for the manufactured home and, in some cases, additional fees for specific amenities or utilities. 3. Security Deposit: The agreement may require tenants to provide a security deposit upfront as protection against any damages or unpaid rent. The terms regarding the refund or usage of the deposit are also stated. 4. Option to Purchase: One of the distinguishing features of this type of agreement is the option for the tenant to purchase the manufactured home. The agreement specifies the timeframe in which the tenant can exercise this option, the purchase price, and any additional conditions for the sale. 5. Maintenance and Repair Responsibilities: The agreement mentions the obligations of both the tenant and the landlord concerning the maintenance and repairs of the property. It clarifies which party is responsible for specific repairs and outlines the procedure for reporting and addressing maintenance issues. 6. Insurance Requirements: The rental agreement highlights whether the tenant is required to obtain renter's insurance and mentions any specific coverage requirements to protect the property and personal belongings. 7. Termination Clause: The agreement outlines the circumstances under which the lease can be terminated by either party, such as non-payment of rent, violation of terms, or by mutual consent. It states the necessary notice period for termination. Different variations of the Tennessee Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own may exist, based on additional factors such as: 1. Rent Credits Agreement: This type of agreement offers the tenant the opportunity for a portion of their monthly rental payments to be credited towards the eventual purchase price. These credits accumulate over the lease term, reducing the overall purchase cost of the manufactured home. 2. Lease Purchase Agreement: In this scenario, rather than having an explicit option to purchase, the lease agreement itself acts as the purchase agreement. The terms are structured to automatically transition into a purchase agreement at the end of the lease term, making the tenant the owner of the manufactured home. 3. Lease-Option Agreement with Adjustable Purchase Price: Some agreements allow for the purchase price of the manufactured home to be adjusted based on certain criteria, such as changes in market value or property condition. This offers flexibility to both the tenant and landlord when finalizing the purchase. These different types of Tennessee Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own provide individuals seeking housing options with various avenues to approach the process of leasing and eventually owning a manufactured home in Tennessee.
