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The Lease with Purchase Option outlines standard lease terms and also clarifies optional purchase terms and conditions to tenants.
This product includes • Lease with Purchase Option form • Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards • Easy-to-Understand instructions for using the forms
A lease of real estate is simply a written contract for one party to rent a specific property from another. All states have legal requirements which pertain to leases of real estate. Please be advised, in particular, that many states require specific real estate disclosure statements to be provided to a prospective buyer involved in a lease with a purchase option. Most of these disclosure forms provide a method for known problems or defects in a property to be revealed to a buyer in advance of a purchase. For information on your state’s requirements, please check with a local real estate professional or an attorney. All states also have other requirements for leases. For example, if the rental period is to be for one year or more, all states require that leases be in writing. Leases can be prepared for periodic tenancies (that is, for example, month-to-month or week-to-week) or they can be for a fixed period. This lease provides for a fixed-period tenancy.
This lease contains a “purchase option” which offers the tenant a time period in which to have an exclusive option to purchase a parcel of real estate. Through the use of this agreement, the landlord can offer the tenant a time period with which to consider the purchase without concern of a sale to another party. This option provides that in exchange for a percentage of the rent (which will be applied to the purchase price if the option is exercised), the tenant is given a period of time to exercise the option and accept the terms of a completed real estate contract. If the tenant accepts the terms and exercises the option in writing, the landlord agrees to complete the sale. If the option is not exercised, the landlord is then free to sell the property on the market and retain the money paid for the option as rent.
This lease can be filled out directly on your computer to give a more professional appearance by using the PDF form or the RTF form.
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