This is a lease with an option to purchase the premises described in the form. The parties acknowledge that speculation of availability of financing, purchase costs, and lender's prepayment penalties is impossible. Therefore, the parties agree that these items will not be conditions of performance of this Agreement and the parties agree they have not relied upon any other representations or warranties by brokers, sellers, or other parties.
Lease With Option To Buy Homes Near Me
State:
Arizona
Control #:
AZ-LT-10
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Lease With Option To Purchase - Lease Or Rent To Own?
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FAQ
A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it.
The cost of the option consideration is typically around 3 percent of the home's purchase price. Aside from this cost, the lessee will have to pay rent to the landlord to live in the home, and if the lessee chooses to purchase the home, the regular mortgage costs associated with a home purchase will apply.
These types of clauses provide tenants with the option to purchase the landlord's building after a specified period, for a predetermined and fixed price.
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.
What Is An Option To Purchase? An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.