Residential Lease Agreement with Option to Purchase
This Residential Lease Agreement with Option to Purchase is also known as a Lease Option or a Lease Purchase Option. It grants the tenant the right to purchase the rental property during the term of the lease.
A Residential Lease Agreement is necessary when a Landlord rents out a property, because a Court will not enforce an agreement regarding property without a writing. This Residential Lease Agreement with Option to Purchase should be used to notify a Tenant of all of the terms and conditions of the rental so that all parties know their respective responsibilities.
It grants the tenant the right to purchase the residential rental property during the term of the lease. The tenant can gain credit towards the purchase price with each on-time rental payment. This includes a provision offering the tenant the option of purchasing the property at a specified time, for a pre-determined price.
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