End Of Lease Letter,
The lessor gets reminded to exercise his option before the end of lease
When a lease is to expire the terms and conditions that were agreed upon by both the parties that are involved in the transaction have to be met with and the letter pertaining to this arrangement is known as end of lease letter. If, for example, you have made a an agreement of having the option of choosing to buy or not buy the property at the need of the lease you will have to first of all deposit a sum for choosing an option. Thereafter before a stipulated date you must notify the owner of the leased property whether or not you intend to exercise your option of buying the same leased property.
The option is not mandatory to choose but you must remember that if you choose not to exercise the option your deposited money is forfeited whereas if you do exercise your ption your money will be deducted from the actual price of the leased property.
This end of lease letter is sent to the lessee by the lessor in order to remind him or her of the closing date of the lease and about the requirement to decide whether or not you want to exercise the option that you had purchased in the agreement.
This letter is also considered as a notice from the lessor to the lessee before the due date is over so that the lessee can be reminded of the deal ad its arrangements and can take decision according to whatever choice he makes.
End Of Lease Letter, 10.0 out of 10 based on 1 rating
As you are probably aware, your option to purchase the property located at 195 North Main Drive, Stockbridge, GA 30281 is set to expire on September 31, 2002. Since time is short, we must work cooperatively to move forward with your purchase of the home.
As you know, you have the right to choose whether or not you’d like to purchase the property. We certainly hope that you will exercise your option to purchase the property. However, we’d like to assist in clarifying what will happen in either case.
If You Choose To Purchase The Property
Congratulations! You’re probably just a few weeks away from being a homeowner! We’d like to help you move towards your goal of home ownership as quickly as possible.
Your next step is to notify us of your intent to exercise your option to purchase the property. Please make sure that we receive the notification no later than September 30, 2001.
Immediately after we receive your notice, we will enter into a purchase and sale agreement with you pursuant to the terms of the Real Estate Purchase Option that you signed on August 27, 2001.
Note that the Option Consideration payment of $4,750.00 that you made on August 27, 2001 will apply towards a reduction in the purchase price of the home from $97,700.00 to $92,950.00.
Closing and funding must be completed on or before October 31, 2001.
Please note that it is possible that your mortgage lender could require the payment of additional down payment money. Therefore it is critical that you begin the mortgage loan application process immediately. After receipt of your notice of intent to exercise your option, I will contact you via telephone to establish a meeting with the appropriate mortgage broker.
If You Choose Not To Purchase The Property
As you know, you have the option not to purchase the property. While I certainly hope that you’ll take advantage of this opportunity to purchase the property, there is no obligation on your part to do so.
However, please note that all sums you have paid under the Real Estate Purchase Option, including your Option Consideration payment of $4,750.00 on August 27, 2001, are non-refundable and will be forfeited by you if you decide not to purchase the property.
Please allow me to reiterate: If you want to exercise your option to purchase the property, it is necessary that we receive notice of your decision no later than September 30, 2001. Failure to give notice prior to that date will constitute the automatic forfeiture of all payments made according to the Real Estate Purchase Option.
Regardless of your decision, I’d like to thank you for your business during the past year. If you have any questions, you can reach me directly at (770) 954-9528.
(If any statement in this letter conflicts with the terms of our written agreement(s), the written agreement(s) shall control.)
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