Rent-to-Own Agreement

RENT-TO-OWN AGREEMENT

This Agreement is made on [Date] between [Lessor] and [Lessee]

1. Parties. This Agreement is between [Owner Name], R/o [Address] (the "Owner/Lessor") and [Tenant-Buyer Name], R/o [Address] (the "Tenant/Lessee").
2. Property Description. The property is [Flat/House No., Locality, City, PIN], admeasuring [Area], with fittings as per the annexed inventory.
3. Term / Duration. The rental term runs for [X] years from [Start Date] to [End Date], during which the purchase option may be exercised.
4. Rent & Rent-Credit. Monthly rent of Rs. [Amount] is payable by the [5th]; Rs. [Credit] of each rent shall be credited towards the purchase price.
5. Purchase Price. The agreed purchase price is Rs. [Amount], from which accumulated rent-credit and any option fee shall be deducted at closing.
6. Option Fee & Deposit. A non-refundable option fee of Rs. [Amount] and a refundable deposit of Rs. [Amount] are paid on signing.
7. Option to Purchase. The Tenant may exercise the option to buy by written notice before [Option Deadline]; on exercise, a Sale Deed shall be executed.
8. Use & Maintenance. The property shall be used for [residential] purposes; the Tenant shall maintain it in good condition.
9. Utilities. Electricity, water and society charges during the rental period shall be borne by the Tenant.
10. Default. If the Tenant fails to exercise the option or defaults, the option fee and rent-credit shall be forfeited and the tenancy shall end.
11. Termination. Either party may terminate for breach after [one] month's notice; on completion of purchase, this Agreement merges into the Sale Deed.
12. Stamp Duty & Registration. Stamp duty and registration of the rental agreement and final Sale Deed shall be borne by the [Tenant/Buyer].
13. Governing Law. This Agreement is governed by Indian law, subject to courts at [City].

IN WITNESS WHEREOF the parties have executed this Agreement on the date first written above.