(12) the fair value of the leased immovable property at the time of its first lease to the lessee, using the concept of `estimated market value of the leased immovable property`, provided that the lessor can set a default value for the previously leased property, which may be used instead of a specific valuation for a single object; and Rent to own Agreement must be formal and meet the requirements set by the Georgian statutes. Section 10-1-682 of the Georgia Lease-Purchase Agreement, a lease with an option to purchase agreement must contain: a lease agreement with an option to purchase, also known as a hire purchase agreement, must be formalized by a written declaration and meet the following requirements set out in section 10-1-682 of the Georgia Lease Purchase Agreement Act. (10) A statement that the lessee has the possibility of acquiring the leased item during the term of the lease and at what price, formula or method the price is determined; The “Georgia Lease with Option to Purchase” (Lease to Own) model consolidates two separate agreements, which include a real estate transaction as well as a lease between the lessor and the tenant, as a document. . . .