Notice of Intent to Exercise Option
Make a notice of intent lease option prior to leasing your property to the lessee
Have you took any space for lease and would like to extend your lease period? Then you have to write Notice of Intent to Exercise Option agreement with your landlord. However, there are many Notice of Intent to Exercise Option forms available in online. You can download the best and professionally formatted agreement to fill in your details and make like an agreement that is prepared by an experienced and professional real-estate attorney. Generally, this type of notice of intent is given to the landlord to request them either to extend or renew your lease period as mentioned in the lease agreement. This should include the new date of renewal and lease expiry date. Most importantly, this has to include the number of years you would like to extend the agreement. However, this agreement paper has to be read and signed by both the landlord and the lessee along with the date.
Moreover, it is vital to mention that you abide to the terms and conditions mentioned in this agreement thoroughly. This agreement stands as a concrete proof, in case, if the landlord or tenant breaches it. In addition, the lessee and the landlord can amicably resolve the conflicts that arise in the future by going through this agreement. It is pivotal to prepare this agreement when you are giving a property for lease to others including your close family members. In fact, this agreement should include the amount you paid and the amount you have to pay on a monthly basis clearly. However, after sending this letter, the landlord has to revert back acknowledging the acceptance of the renewal period and terms. Moreover, there is another agreement called a notice of intent to exercise purchase option. In this option, the lessee can purchase the property as mentioned in the clause for the price set by the landlord.
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