Option Agreement Form For House Rent
Description
How to fill out Option Agreement?
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FAQ
?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.?
Option contracts are among the most distinct strategies. This type of contract exists between a buyer and a seller (typically there's no third-party involved) and requires a seller to essentially put a piece of property on hold at a set rate until a buyer decides if they want it or not.
As a tenant, if you decide not to exercise your option to renew, your lease will most likely lapse, subject to some exceptions, including for example, in a retail lease situation in circumstances when a landlord has not provided the formal notification of the right to renew also ? even if a tenant misses the cut off ...
Note: Difference between option to renew and extend ? where the parties agree to ?extend? the existing lease is continued, where the parties ?renew? this creates a new lease.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.