Michigan hire-purchase agreement Act

An agreement for leasing, also called a lease purchase agreement is a legally documented between a property owner and a tenant that States that the tenants understand buy monthly payments to the property with the option to use real estate at any time during the agreement will make. Michigan rentals - law purchase agreement sets guidelines for such agreements. The law refers to a tenant as a tenant and the owner of a property as owner. DescriptionRental purchase agreements must contain the property for the personal, family or household items used. The lessee make monthly payments for a maximum four months. This is the initial period of the agreement. After giving first to renew each monthly payment, the agreement and the tenant until the leasing lease, you can buy the property expires.ProhibitionsA property for agricultural use, a business or other commercial purposes may include. The law prohibits a landlord, an agreement with any organization and allows no leases silver or personal goods considered, intangible.Contract RequirementsRental purchase agreements written and contain a brief description of the property State, if the property is new or rented in the past has been shows initial amount each payment due on the lease. In addition, the Treaty shares amount each monthly payment, show take property in possession necessary payments for tenants can and specify the required procedure for the agreement by the lessee and lessor is terminated.