Wyoming Rent-to-Own Lease Agreement
A Wyoming rent-to-own lease agreement is a dual-purpose contract that combines rental terms with an option for the tenant to purchase the property. This agreement provides the tenant with the right to buy the property under pre-established conditions, allowing for a flexible arrangement between the landlord and tenant.
Wyoming Rent-to-Own Lease Agreement
Key Features of the Agreement
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Tenant’s Right to Purchase: The agreement explicitly grants the tenant the right to buy the property, detailing the conditions under which this option can be exercised.
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Rental Application Requirement: Landlords typically require tenants to complete a rental application to assess their ability to fulfill the obligations outlined in the lease.
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Purchase Decision Process: If the tenant opts to purchase the property during the lease period, both parties are required to draft and sign a residential purchase agreement. Should the tenant decide against buying the property, the agreement will conclude in the same manner as a standard lease, reverting to typical rental terms.
Legal Framework
The legal framework governing these agreements is outlined in Wyoming statutes. The relevant laws include:
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Landlord-Tenant Laws: Title 1, Chapter 21, Article 12, which covers residential rental property.
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Purchase Agreement Laws: Title 34, which pertains to property, conveyances, and security transactions.
Statutes
- Wyo. Stat. § 1-21-1001 – Jurisdiction of circuit courts
- Wyo. Stat. § 1-21-1002 – When proceedings allowed
- Wyo. Stat. § 1-21-1002 – When proceedings allowed
- Wyo. Stat. § 1-21-1003 – Notice to quit premises required
- Wyo. Stat. § 1-21-1004 – Summons; service and return
- Wyo. Stat. § 1-21-1005 – Proceedings when defendant fails to appear
- Wyo. Stat. § 1-21-1006 – Proceedings when defendant appears
- Wyo. Stat. § 1-21-1007 – Bond on granting continuance
- Wyo. Stat. § 1-21-1008 – Trial by judge or jury; judgment and costs
- Wyo. Stat. § 1-21-1009 – Trial by jury; verdict
- Wyo. Stat. § 1-21-1010 – Judgment upon verdict
- Wyo. Stat. § 1-21-1011 – Exceptions
- Wyo. Stat. § 1-21-1012 – Writ of restitution; issuance
- Wyo. Stat. § 1-21-1013 – Writ of restitution; execution and return
- Wyo. Stat. § 1-21-1014 – Proceedings upon stay on appeal; bond required
- Wyo. Stat. § 1-21-1015 – Rents to be deposited on appeal
- Wyo. Stat. § 1-21-1016 – Ejectment no barred
- Wyo. Stat. § 1-21-1017 – Corporate and business representation in proceedings
- Wyo. Stat. § 1-21-1201 – Definitions
- Wyo. Stat. § 1-21-1202 – Duties of owners and renters; generally
- Wyo. Stat. § 1-21-1202 – Duties of owners and renters; generally
- Wyo. Stat. § 1-21-1203 – Owner’s duties; notice by renter of noncompliance; duty to correct; exceptions; termination of rental agreement; liability limited
- Wyo. Stat. § 1-21-1204 – Renter’s duties
- Wyo. Stat. § 1-21-1204 – Renter’s duties
- Wyo. Stat. § 1-21-1205 – Prohibited acts by renter
- Wyo. Stat. § 1-21-1205 – Prohibited acts by renter
- Wyo. Stat. § 1-21-1206 – Renter’s remedies; notice to owner or agent; judicial remedy; rights under termination of rental agreement
- Wyo. Stat. § 1-21-1206 – Renter’s remedies; notice to owner or agent; judicial remedy; rights under termination of rental agreement
- Wyo. Stat. § 1-21-1207 – Required notice of nonrefundable deposit
- Wyo. Stat. § 1-21-1208(a) – Deductions from deposit; written itemization; time limits; failure to give notice; recovery by renter; utilities deposit; penalty
- Wyo. Stat. § 1-21-1208(b) – Deductions from deposit; written itemization; time limits; failure to give notice; recovery by renter; utilities deposit; penalty
- Wyo. Stat. § 1-21-1208(c) – Deductions from deposit; written itemization; time limits; failure to give notice; recovery by renter; utilities deposit; penalty
- Wyo. Stat. § 1-21-1208 – Deductions from deposit; written itemization; time limits; failure to give notice; recovery by renter; utilities deposit; penalty
- Wyo. Stat. § 1-21-1209 – Holder of owner’s interest bound by provisions
- Wyo. Stat. § 1-21-1210 – Possession of premises and disposition of personal property abandoned by renter after termination of rental agreement
- Wyo. Stat. § 1-21-1211(b) – Owner’s remedies; eviction; judicial remedies; damages
- Wyo. Stat. § 1-21-1211 – Owner’s remedies; eviction; judicial remedies; damages
- Wyo. Stat. § 1-21-1301 – Short title
- Wyo. Stat. § 1-21-1302 – Definitions
- Wyo. Stat. § 1-21-1303 – Breach of lease; recovery of rent; affirmative defense
- Wyo. Stat. § 1-21-1303 – Breach of lease; recovery of rent; affirmative defense
- Wyo. Stat. § 1-21-1304 – Prohibition of waiver or modification
- Wyo. Stat. § 1-1-115(b) – Civil liability for unpaid checks
- Wyo. Stat. §§ 1-21-1203 – Owner’s duties; notice by renter of noncompliance; duty to correct; exceptions; termination of rental agreement; liability limited
- Wyo. Stat. § 1-21-1203(a)(i-iv) – Owner’s duties; notice by renter of noncompliance; duty to correct; exceptions; termination of rental agreement; liability limited
FAQs
A Wyoming rent-to-own lease agreement is a dual-purpose contract between a landlord and a tenant that outlines rental terms while also providing the tenant with an option to purchase the property under pre-established conditions.
If the tenant chooses to purchase the property during the lease period, both parties must draft and sign a residential purchase agreement to formalize the transaction.
The landlord-tenant laws applicable to rent-to-own agreements in Wyoming are outlined in Title 1, Chapter 21, Article 12, which covers residential rental property regulations.
Before entering a rent-to-own agreement, a tenant should fill out a rental application to verify their ability to meet the obligations of the lease.
If the tenant opts not to purchase the property at the end of the lease, the agreement concludes like a regular lease, reverting to standard rental terms without any obligation to buy.
More information about Wyoming landlord-tenant laws can be found in the Handbook (Guide) on Landlord-Tenant Information, as well as in the relevant statutes under Title 1, Chapter 21, Article 12.
You can download a Wyoming rent-to-own lease agreement template in PDF or MS Word format, which is often available through legal resources or landlord-tenant information websites.