The Lease With Option to Purchase agreement is utilized when a property owner wants to lease their property while simultaneously providing the tenant with the exclusive right to purchase it. This arrangement is particularly valuable in situations where potential buyers need time to arrange financing or improve their credit score, or when sellers wish to maintain rental income while marketing their property. The document must comply with both federal and state-specific real estate laws in the United States, including requirements for residential leases and option contracts. It typically includes detailed terms about rent payments, option fees, maintenance responsibilities, and the specific conditions under which the purchase option can be exercised.
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1. Parties: Identifies and defines the landlord/seller and tenant/buyer
2. Background: Explains the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property being leased/sold
5. Lease Terms: Rent amount, payment terms, duration of lease
6. Option Terms: Option price, duration, and exercise requirements
7. Purchase Price: Agreed purchase price and any rent credit arrangements
8. Maintenance and Repairs: Responsibilities for property maintenance during lease period
9. Insurance Requirements: Required insurance coverage for both parties
10. Default and Remedies: Consequences of default by either party
11. Notices: Requirements for formal communications between parties
12. Governing Law: Applicable jurisdiction and legal framework
1. Seller Financing: Terms of financing if provided by seller - include when seller offers financing options
2. Property Improvements: Terms regarding modifications to property - include when tenant/buyer is permitted to make improvements
3. Assignment Rights: Terms for transferring rights under agreement - include if assignment is to be permitted
4. Lead-Based Paint Disclosure: Federal disclosure requirements - include for properties built before 1978
5. Utilities and Services: Responsibility for utilities and services - include when these responsibilities need clarification
1. Schedule A - Property Inspection Report: Detailed condition report of property at lease start
2. Schedule B - Property Maintenance Schedule: Details responsibilities for maintenance and repairs
3. Schedule C - Option Payment Schedule: Schedule of option payments and rent credits
4. Schedule D - Property Plans and Specifications: Detailed plans and specifications of the property
5. Schedule E - Permitted Improvements: List of improvements tenant/buyer is permitted to make
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