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Amount of rent and due dates, grace period, late charges. Mode of rent payment. Methods to terminate the agreement prior to the expiration date and charges if any. Amount of security deposit and the account where it is held.
An Iowa rent-to-own lease agreement is between a landlord that allows a tenant to rent a property with an option to purchase. The landlord will usually require the same screening process as a standard lease. Except, the landlord may give attentional scrutiny to the tenant's credit and income due to the purchase option.
In most cases, the lease agreement will outline the terms of the renter's tenancy, including the length of time they're renting, the upfront fees they'll pay, the monthly rental amount, and the rules and regulations governing the property's use.
Key terms in a lease include: How long the lease is, and what flexibility you will have if you want to leave the premises before the lease comes to an end. What the costs will be, including rent and any service charge.
One-year leases are by far and large the most popular length for leases. They're good if you have high-quality tenants and an effective tenant screening process in place. In this case, year-long leases are good because it secures good tenants for a long period of time.
The property owner is called the "landlord" or the "lessor." The person who is entitled to occupy property is called the "tenant" or "lessee." As with any contract, the rental agreement should be in writing to avoid misunderstandings and should contain all of the terms agreed to by the parties.