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RESIDENTIAL LEASE WITH OPTION TO PURCHASE THIS AGREEMENT MADE and entered into on this day of by and between hereinafter called Lessor and hereinafter called Lessee hereby leases to Lessee his/her heirs or assignees the premises situated in the city of County of State of legally described as upon the following terms and conditions 1. Option to Purchase In consideration of the Lessee meeting all obligations as stated herein under this lease the Lessor hereby grants the Lessee an option to...
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How to fill out lease to option purchase

How to fill out a lease to option purchase:
01
Gather necessary documents: Make sure you have the lease agreement, option agreement, and any other relevant paperwork.
02
Identify the parties involved: Clearly state the names and contact information of both the lessor/landlord and the lessee/tenant.
03
Describe the property: Provide a detailed description of the property being leased, including the address, size, and any specific features or restrictions.
04
Specify lease terms: Outline the duration of the lease, including the start and end dates. Also, state the rent amount and payment schedule.
05
Include option terms: Clearly state the terms of the purchase option, including the option fee, the option period duration, and the purchase price.
06
Detail rent credits (if applicable): If there will be any portion of the rent credited towards the purchase price, specify the amount and the terms in this section.
07
Mention repairs and maintenance responsibilities: Specify who is responsible for repairs and maintenance during the lease period and the option period.
08
Address default and termination clauses: Clearly state the consequences and procedures in case of default or termination by either party.
09
Include additional provisions: If there are any specific clauses or provisions that need to be included, make sure to add them in this section.
Who needs lease to option purchase?
01
Individuals or families searching for a home: Lease to option purchase agreements provide them with the opportunity to rent a property with the possibility of buying it in the future.
02
Landlords or property owners: They can offer the lease to option purchase agreement as an option to attract potential tenants and potentially sell their property at a later date.
03
Investors or real estate professionals: They may use lease to option purchase agreements as a strategy for acquiring properties with the potential for future appreciation. This allows them to control the property while benefiting from rental income.
In conclusion, lease to option purchase agreements can be beneficial for individuals, families, landlords, property owners, investors, and real estate professionals who are interested in renting a property with a future purchase option.
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