US Legal Forms
Leases
Notice to Lessor from Lessee Exercising Option to Purchase

Exercising Option To Renew Lease Template

Q: How do you email a non renewing lease?

Dear (Landlord&#039;s name), This letter is to inform you that I do not intend to renew my lease. As per the laws of the State of (insert state), this is my (insert number of days) notice of non-renewal stating that I will be leaving my apartment on (date), which is the end of my current lease.

Category:

Landlord Tenant - Purchase Options

State:

Multi-State

Control #:

US-02407BG

Format:

Instant download

Description

An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable. An option is a contract to purchase the right for a certain time, by election, to purchase property at a stated price. An option may be a right to purchase property or require another to perform upon agreed-upon terms. By purchasing an option, a person is paying for the opportunity to elect or "exercise" the right for the property to be purchased or the performance of the other party to be required. "Exercise" of an option normally requires notice and payment of the contract price. The option will state when it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the amount paid for the option is not refundable. A "lease-option" contract provides for a lease of property with the right to purchase the property during or upon expiration of the lease.

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FAQ

Dear (Landlord's name), This letter is to inform you that I do not intend to renew my lease. As per the laws of the State of (insert state), this is my (insert number of days) notice of non-renewal stating that I will be leaving my apartment on (date), which is the end of my current lease.

Under the lease agreement, the tenant could exercise an option by providing the landlord with written notice, via first class mail, of such election to exercise the option no later than 12 months prior to the expiration of the basic term or the then-current extended term.

This provision is known as an option or options to renew. The lease will provide that if the tenant is up to date with rent payments and compliant with all the other terms of the lease then the tenant may take up the option to renew by providing a Notice of Exercise of Option to Renew to the landlord.

Notify the landlord (or its agent) whether they want to exercise the option during a specified window of time. This is usually around six or three months before expiry, depending on the lease. Further, this notice is usually given in writing; comply with any of the pre-agreed criteria for the renewal to go ahead.

Put it in writingYour name, current address and contact information.Date the lease extension request is submitted.Length of the lease extension, including the proposed end date.Reasons for extension.Date by which you need a decision, usually 10 days to two weeks.