S.1825

New Jersey Rent-to-Own Rights Protection Act safeguards tenant-buyers in residential rent-to-own agreements.

The New Jersey Rent-to-Own Rights Protection Act aims to protect tenant-buyers in residential rent-to-own agreements by establishing clear standards and consumer protections. The act mandates that rent-to-own agreements be in writing, signed by both parties, and include specific terms such as the total purchase price, lease duration, and option fee details. It prohibits landlords from entering into rent-to-own agreements if the property lacks homeowner's insurance.