Arizona Lease Agreement of Store with an Option to Purchase at the End a Certain Period of Time - Lease or Rent to Own

• Category: Landlord Tenant - Commercial - Office
• State: Multi-State
• Control #: US-01838BG
• Format: Word

Description

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

Arizona Lease Agreement of Store with an Option to Purchase at the End a Certain Period of Time — Lease or Rent to Own A lease agreement of a store with an option to purchase at the end of a certain period of time, also known as lease or rent to own, is a legal contract that allows a tenant to lease a commercial property with the opportunity to buy the property at a later date. This type of arrangement is commonly used by entrepreneurs and business owners who wish to test the viability of a location before committing to a full purchase. In Arizona, there are different types of lease agreements of stores with an option to purchase at the end of a certain period of time. Here are some variations: 1. Commercial Lease with Option to Purchase: This type of agreement allows a tenant to lease a store or commercial space for a fixed term, typically between one and five years, with the option to buy the property at a pre-determined price at the end of the lease term. During the lease period, the tenant pays rent and may negotiate an additional fee that is credited towards the purchase price if they exercise their option to buy. 2. Lease-Option Agreement: This agreement combines a standard lease with an option to purchase. It enables the tenant to lease the store with the option to buy it within a specified period. The agreement typically includes terms such as the purchase price, option fee, and the duration of the option period. The option fee is a non-refundable payment made by the tenant to the landlord, which grants them the exclusive right to purchase the property during the option period. 3. Lease-Purchase Agreement: Similar to a lease-option agreement, a lease-purchase agreement also allows a tenant to rent a store with the intention of buying it. However, unlike a lease-option agreement, in this type of arrangement, the tenant is obliged to purchase the property at the end of the lease term. A portion of the rent paid during the lease period is often credited towards the purchase price. 4. Lease Agreement with Right of First Refusal: In this type of agreement, the tenant is given the first opportunity to purchase the property if the landlord decides to sell it during the lease term. The tenant has the right to match any offers made by potential buyers and has the advantage of securing the property without having to compete in the open market. When entering into an Arizona lease agreement of a store with an option to purchase, it is crucial for both parties to seek legal advice to ensure that the terms and conditions of the contract are clear, fair, and in compliance with state laws. It is also advisable to conduct due diligence on the property and thoroughly review all terms related to the purchase option, purchase price, and any associated fees. Overall, an Arizona lease agreement of a store with an option to purchase can provide flexibility and opportunity for tenants who wish to establish and grow their business while considering the possibility of homeownership in the future.