California Option Agreement For Lease
Description
How to fill out California Option To Purchase Package?
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FAQ
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. The tenant pays an upfront option fee and an additional amount each month that goes toward the eventual down payment.
They give the tenant the ability, prior to the conclusion of the lease term, to continue leasing the premises. An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term.
Unlike a sale agreement with seller financing, a lease-option allows the owner to continue to receive tax deductions as the owner. Interest, taxes, maintenance and depreciation may still be deducted against the rent received.
Lease Options are commonly seen in California. The agreement gives the tenant an irrevocable right to buy the property under certain conditions, and usually have restrictions based on tenant defaults.