Residence Lease Agreement with Option to Buy Template is a legal agreement intended to serve multiple purposes. The tenant can use a provision from the lease agreement to purchase the property from the owner during the lease tenure.
This 2-page document has several other provisions, terms, and conditions to govern the lease, use, and financial transactions pertaining to the property. Read them carefully before signing and executing the lease agreement. Notarization of the lease agreement is not mandatory; however, you as a tenant or as an owner may proceed with notarization for the legal standing of the lease agreement. Completing the Lease Agreement for Residence with Option to Buy form in every sense is very necessary and it is binding legally on both the parties upon signing and execution.
While Competing this Residence Lease Agreement Always Remember
- Specify roles of landlord/owner and tenant/purchaser precisely.
- Mention the amount of rent and security deposit in the Lease Agreement for Residence with Option to Buy form.
- Mention the lease term precisely.
- Read Lease Agreement for Residence with Option to Buy form carefully to understand the provisions mentioned in it.
- Make two copies of the form and sign on both copies and hand over one original copy to each party.
- Mention threshold limit of repair and maintenance cost incurred by the tenant in US dollar.
Enter the legal name of the property owner followed by entering the legal name of the tenant on the foremost lines of the Residence Lease Agreement. Describe the property accurately on the following line.
Enter the starting date of the lease and the natural expiry date of the lease in the respective spaces on the next line. Insert the total rent amount in required format and continue by entering the scheduled rent amount and mode of rent payment in the respective spaces.
Furnish the amount of security deposit in the required format in US dollar and specify the name of the state for defining the jurisdiction of the state law.
Mention the threshold amount of responsibility of repairs incurred by the tenant in US dollar and then specify the purpose of the occupancy of the property on the next line of Lease Agreement for Residence with Option to Buy form. Enter the amount of the rental obligation to the tenant in the space provided for the same in the last portion of the form.
You and the other party must sign this document to execute it. Insert date before each signature of landlord/owner and tenant/purchaser.