Residential Lease Agreement With Purchase Option

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NOW, THEREFORE, for and taking into account the commitments and obligations included and other good and valuable considerations whose receipt and sufficiency are heresy, the seller/landlord heressingly grants the buyer/tenant an exclusive option for the purchase of the «property». The parties agree as follows: To properly complete the contract, you must define the following variables: 1) Length of option; 2) thinking about options; 3) Purchase price; 4) Choice of law and court. In the end, the contract must be certified by the signature of each party. Once the rental portion of the contract has been agreed, the parties can meet to decide the terms of the tenant`s option for the purchase of the property. Tenants and landlords negotiate the following: Each state has its own necessary disclosure forms. To make a «good faith» transaction, it is important for the seller to notify the buyer of any repairs, defects or other problems related to the property. Often, when the buyer learns of a material defect after inspection, he can give them a bad taste in the mouth and wonder if there is anything else wrong with the property. 8. FUNDING EXCLUSION. The parties recognize that it is impossible to foresee the availability of financial resources for the purchase of this property.

Obtaining financing is not considered a precondition for this purchase option. In addition, the parties agree that this put option will not be concluded by referring to insurance or a guarantee from one of the parties. 3. OPTION REFLECTION. In return for this option to purchase, the buyer/tenant must pay the seller/tenant a non-refundable tax equal to – whose receipt is confirmed by the seller/landlord. This amount is credited to the purchase price at the closing if the buyer/tenant opts out of the purchase option in a timely manner, provided that the buyer/tenant: (a) is not in default in the lease and (b) closes the transfer of the property. The seller/landlord does not reimburse the costs if the buyer/tenant is late in the lease, does not close the transport or otherwise exercise the option to purchase. 10. COMMISSION. No real estate commission or other commission is paid as part of this transaction. 12.

ACKNOWLEDGMENTS. The parties make this option on a sales contract on a voluntary basis and without undue constraint or influence. The parties carefully read this option of the sales contract and asked all the questions necessary to understand its terms, consequences and binding effects, fully understand them and obtain an executed copy. The parties sought the advice of a lawyer of their choice, if he wished before signing this option in the sales contract. The rental agreement with an option to purchase gives a tenant the right to acquire the property under the terms of the contract. The form must be written in accordance with all state leasing laws, in addition to state real estate commission rules, which generally require the addition of certain disclosure forms. 1. TERM OPTION. The option to purchase begins the Lead-Based Paint Disclosure – Necessary to join the agreement if the property was built before 1978.

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