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.
Contra Costa California Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own — Lease or Rent to Own: Contra Costa County, located in Northern California, offers various lease or rental agreements for mobile or manufactured homes with the option to purchase and own. These agreements provide flexibility for individuals who are interested in eventually owning their own home but may not currently have the means to do so. 1. Lease-to-Own Agreement: This type of agreement allows individuals to lease a mobile or manufactured home for a specified period, typically ranging from one to five years. Throughout the lease term, a portion of the monthly rent is designated as a down payment towards the eventual purchase of the home. At the end of the lease term, the tenant has the option to buy the property at a pre-determined price. 2. Rent-to-Own Agreement: Similar to a lease-to-own agreement, a rent-to-own agreement also provides the option to purchase the mobile or manufactured home in the future. However, unlike a lease-to-own agreement, the tenant does not have an obligation to buy the home at the end of the rental period. This type of agreement allows individuals to assess the property before committing to ownership. 3. Rent with Option to Purchase Agreement: This type of agreement grants the tenant the exclusive right to purchase the mobile or manufactured home during a specified period, typically ranging from six months to two years. The tenant pays rent during this period and has the option to exercise their right to buy the property at an agreed-upon price. If the tenant decides not to exercise the option, they can continue renting or choose to terminate the agreement. Contra Costa California offers these lease or rental agreements to provide easier access to homeownership, especially for individuals who may be facing financial constraints or are not ready to commit to a full purchase immediately. These agreements offer the opportunity to build equity, establish stability, and potentially become a homeowner in the future.
