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 Wisconsin Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own, also known as a Lease to Own or Rent to Own agreement, provides individuals with the opportunity to lease or rent a stationary manufactured home with the option to eventually purchase and own the property. This type of agreement offers flexibility for tenants who aspire to become homeowners but may not have the means to secure a traditional mortgage upfront. Key features of a Wisconsin Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own include: 1. Lease/Rent Period: The agreement specifies the duration of the lease or rental period, during which the tenant has the option to purchase the property. This period could range from a few months to several years, depending on the agreement between the landlord/seller and the tenant/buyer. 2. Monthly Payments: The tenant/buyer is expected to pay monthly rent, which may include additional amounts that contribute towards building a down payment or purchase credits. The rent amount can be negotiable and should be established by mutual agreement. 3. Option Fee: The tenant/buyer typically pays an upfront option fee to secure the exclusive right to purchase the property within the agreed-upon period. This fee is usually non-refundable and may contribute towards the eventual down payment or purchase price. 4. Purchase Price: The agreement specifies the purchase price of the property if the tenant/buyer decides to exercise their option to buy. The purchase price may be determined at the beginning of the agreement or at the time of exercising the option, and it can be either a fixed amount or based on fair market value. 5. Maintenance and Repairs: The responsibilities for maintenance and repairs should be outlined in the agreement. Typically, the tenant/buyer is responsible for routine maintenance, while major repairs may be the responsibility of the landlord/seller until the option is exercised. 6. Home Inspections: The agreement may include provisions for conducting a home inspection before the lease period expires or before exercising the option to purchase. This helps ensure that the property is in good condition and satisfies the tenant/buyer's requirements. Types of Wisconsin Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own may include: 1. Fixed-Term Lease to Own: This type of agreement involves a predetermined lease period, usually ranging from one to five years, during which the tenant/buyer has the option to purchase the property. 2. Month-to-Month Lease to Own: This agreement offers more flexibility, allowing the tenant/buyer to lease the property on a month-to-month basis. The option to purchase can be exercised at any time during the lease period. 3. Rent Credit Lease to Own: In this type of agreement, a portion of the monthly rent is credited towards the eventual purchase price or down payment. These credits accumulate over time, allowing the tenant/buyer to build equity while renting. A Wisconsin Lease or Rental Agreement of Stationary Manufactured Home with Option to Purchase and Own provides an alternative pathway to homeownership for individuals who may not qualify for a traditional mortgage. It is important for both parties involved to carefully review and understand the terms and conditions of the agreement before entering into this arrangement. Consulting with a legal professional is advisable to ensure compliance with Wisconsin laws and regulations relating to lease-to-own or rent-to-own agreements.
