Blank Lease Agreement with Option to Purchase is a superb choice for a landlord that wants to lease or sell a residential property. Similarly, a tenant may use this form while leasing a residential property with the intention to purchase it from the landlord in the due course. This four-page contract form has 15 articles comprising of the terms and conditions of the agreement. Please prepare this document together as both parties must arrive to a mutual consideration in terms of tenancy conditions, amount of option consideration, and duration of option to purchase.
Before You Proceed
- Please refer to the document carefully.
- Please specify state and county name for jurisdiction.
- Please indicate the option for payment towards the purchase.
- All parties must sign this contract.
- The tenant cannot register this transaction in property records without the landlord’s permission.
- Please hand over a copy of the executed contract to all signing parties.
The option to buy clause of this agreement makes it different from the standard residential lease contract. Therefore, it is necessary to determine the terms and conditions of the purchase with the mutual due consideration. In addition, please remember that such contract is revocable upon tenant’s failure in making prompt payments. Both parties must sign and approve modification if any. Please refer to your state housing law for any additional provision necessitated for execution of an option to purchase lease agreement.
How to Prepare Blank Lease Agreement with Option to Purchase
This lease contract with an option to purchase is simple to prepare. However, please prepare it with utmost care after the mutual consent of all signing parties. Inputs required in the form are
- Agreement date in the required format
- Legal name of the landlord
- Legal name of the tenant
- Description and address of the property
- Article 1: Date of commencement and expiry of the option to purchase in the required format
- Article 4: Non-refundable amount of option consideration
- Article 5: Total purchase price in US dollars and amount credited at closing
- Article 15: State and county names for jurisdiction
- Date in the required format, print name, and landlord’s signature
- Date, print name, and tenant’s signature
