Lessor agrees to lease unto lessee certain property identified in the agreement. The term of the lease is one year and at the end of the primary term of the lease, it will automatically be extended for one additional year unless the lessee gives the lessor notice of its intent not to extend the term. The agreement also states that time is of the essence in the performance of all duties, obligations, and responsibilities under the term of the lease.
Lease Agreement With Option To Purchase
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What is a lease-option-to-buy? 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. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
Advantages of Lease Purchases for Sellers ExplainedIncreased return on investment: The upfront option payment can increase the return on investment, and it stays with the owner even if the tenant does not purchase the property.Locked-in sale price: The owner can lock in a reasonable price for the home in advance.More items...?
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.
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.
No matter the format, an option to purchase must: 1) state the option fee, 2) set the duration of the option period, 3) outline the price for which the tenant will purchase the property in the future, and 4) comply with local and state laws.