Sample Commercial Lease With Option To Buy
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FAQ
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 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.
'Assigning' a lease simply means transferring your lease to another person so that they become the new tenant. Once the assignment has taken place the lease continues to exist and the new tenant becomes liable for all of the tenant's obligations in the lease.
Example of a Lease Option In this case, the buyer-tenant pays an extra 3% of the total house price as a fee for the lease option. They also pay a premium on their monthly rent. They then have the option to buy the house they currently live in two years in the future at current market prices.
Options are usually required to be ?exercised? by writing to the Landlord or the Managing Agent and specifically saying that you are exercising the option. You should always refer to the option clause of your Lease to ensure that you are following the correct procedure and format.
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.