California Option Agreement With Renewal

State:
California
Control #:
CA-P069-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Option to Purchase Package, you will find the forms that are necessary to exercise a right to purchase property or require another to perform upon agreed-upon terms. In an option agreement, a party purchases the right for a certain time, by election, to purchase property at a stated price.


Included in your package are the following forms:


Option to Purchase Addendum to Residential Lease


Residential Lease Agreement


Option For the Sale and Purchase of Real Estate - Residential Lot or Land


Option For the Sale and Purchase of Real Estate - Residential Home


Option For the Sale and Purchase of Real Estate - Commercial Lot or Land


Option For the Sale and Purchase of Real Estate - Commercial Building


Option For the Sale and Purchase of Real Estate - Farm Land


Option For the Sale and Purchase of Real Estate - General Form


Detailed information on forms included:


Option to Purchase Addendum to Residential Lease - This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.


Residential Lease Agreement and Option to Purchase - This Residential Lease Agreement and Option to Purchase is entered into by and between the lessor and the lessee. This agreement provides that the lessor will rent to the lessee a personal residence located at the address listed in the agreement. The lessee is responsible for paying rent on a monthly basis and the premises must be used as a private dwelling and for no other purpose.


Option For the Sale and Purchase of Real Estate - Residential Lot or Land - This form is for an option to purchase a residential real estate lot or tract of land. It provides for the payment of option money and the procedures for exercise of the option.

Option For the Sale and Purchase of Real Estate - Residential Home - This form is for an option to purchase a residential home. It provides for the payment of option money, sales price, and all terms of the agreement.


Option For the Sale and Purchase of Real Estate - Commercial Lot or Land - This form is for an option to purchase a commercial lot or land. It contains provisions for the payment of option money and other terms of the transaction.


Option For the Sale and Purchase of Real Estate - Commercial Building - This form provides a buyer with an exclusive and irrevocable option to purchase residential real estate, specifically a commercial building.


Option For the Sale and Purchase of Real Estate - Farm Land - This form is for an option to purchase farm land and includes all terms of the transaction.


Option For the Sale and Purchase of Real Estate - General Form - This form is adaptable for general use as an agreement to purchase an option on real estate. Provisions for all relevant details are included to be adapted for use in a particular transaction.


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FAQ

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. The terms of the option can include the length of the new term, a change in rent, and other modifications.

Yes, a lease can automatically renew in California. If neither the tenant or the landlord give notice that they want to terminate the tenancy when the lease expires, the lease can be renewed.

California requires tenants to provide their landlords with adequate written notice to terminate the rental agreement. Failure to provide notice may automatically renew the tenant's lease and obligate the tenant to pay future rent payments for the entire tenancy.

Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.

An 'option to renew' is a contractual right that is given to the Tenant to obtain an additional term for the lease if the Tenant so chooses. For instance, if the Tenant has a lease for the period of three (3) years with an additional three (3) years option, the total term of the lease can be perceived as six (6) years.

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Commercial leases often include options to renew or extend the term of the lease. An option-to-purchase contract must conspicuously state the duration of the option period.A leaseoption is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. Extension Period. They give the tenant the ability, prior to the conclusion of the lease term, to continue leasing the premises. Create a lease renewal agreement with Avail. If the transaction is treated as a sale, then ownership transfers when the parties execute the original agreement. This form is used to extend the term of a lease. It may more commonly be known as a lease option form.

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California Option Agreement With Renewal