A Maryland rent-to-own agreement is a legal document the contains the provisions of a standard lease agreement, as well as an option for the tenant to purchase the property from the landlord. As with other types of lease agreements, price, timing and other provisions can be negotiated by the parties. A special section will address the purchase option, with information about when the options begins and ends, and what the tenant owes the landlord in reward for providing the option whether or not it is exercised.
Should the sale take place, the landlord must make the following disclosures.
Lead-Based Paint Disclosure – This disclosure is only required for properties constructed before 1978
Residential Property Disclosure and Disclaimer Statement – Per § 10-702 of the Maryland Code, owners must provide a listing of defects in a property to buyers before the sale.