Option Agreement Document For Rent
Description
How to fill out Option Agreement?
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FAQ
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
?A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.?
In most cases, it is the landlord that keeps the original rental agreement. The tenant can always ask for a copy from the landlord. Both the parties involved ie the tenant and the landlord can sign the photocopy of the rental agreement.
Yes, you can make a rental agreement in more than 1 person's name.
The agreement should clearly mention the amount of rent that you have to pay each month and the due date by which it has to be paid. In most cases, landlords ask for a security deposit which is usually equal to one or two months' rent amount. Mention the security amount in the agreement and when it will get refunded.