Option Agreement for Lease With Option to Buy
What is an option agreement for lease with option to buy
An Option Agreement for lease with option to buy is also known as a Lease purchase option or a Lease Option. It gives the tenant the right so that he can buy the rental property during the lease term. The tenant is allowed to gain credit for the price of purchase for every rental payment which is done in time. However for any late payments he will not gain any credit. This form is supposed to be an accompanying form for a Residential Lease Agreement which is totally separate and should be signed by both the parties. This agreement gives you the flexibility you need for your property as an owner.
An Option Agreement for lease with option to buy is used to specify all terms and conditions in respect to the use of the property. Like any regular lease, this agreement also specifies the information regarding monthly payments or any maintenance payments or responsibilities. It specifies how the tenant can possibly purchase the property from the owner during the lease period. It can also be added if this option to purchase expires or not with the lease period. Like any other legal document it should have the details like the names of both parties, the address of the property, the period and dates of the lease, the monthly payments, the purchase price of the property, in case the owner credits a certain amount of the rent to the purchase price – that is mentioned. Also the maintenance responsibilities should be mentioned. It is recommended that an inspection checklist is also accompanied for convenience sake.
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