Illinois Lease Purchase Agreements Package

State:
Illinois
Control #:
IL-P033-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains the forms that are necessary for sellers and purchasers to enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand. With this package, you will find the essential forms to assist you in successfully entering into and executing a commitment to purchase or sell real property. The documents in this package include the following:


1) Contract for Lease and Mandatory Purchase of Real Estate-Specific Performance Clause;


2) Contract for Lease and Purchase of Real Estate- Purchase by Date or Leave;


3) Personal Guaranty of Contract for the Lease and Purchase of Real Estate; and


4) Residential Real Estate Sales Disclosure Statement.


Purchase this package and save up to 30% over purchasing the forms separately!


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  • Preview Illinois Lease Purchase Agreements Package
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FAQ

A purchase agreement form may be a legally binding document between a seller and a buyer of an object. It details what is being sold, the price per unit if there is more than one item, and the amount due. It will also explain the terms and conditions of the sale.

The Lease Must be in Writing It does not matter if the lease is handwritten or typed. If the lease is for more than one year, it must be in written form and contain the following terms.

A lease agreement (or rental agreement) is a document that explains the terms under which a tenant rents a residential or commercial property from a landlord. Lease agreements are legally-binding contracts that explain the obligations and rights of both the tenant and landlord.

A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.

The California Residential Lease Agreement-With Option to Purchase is a form used specifically for a purchase agreement that begins as landlord-tenant lease agreement.

Writing Your Sublease. State the name of the parties and the date of the contract. Identify the full names of each party and what their role is in the contract. The original leaseholder of the property is the Tenant and the person subletting the property is the Subtenant.

In a standard Lease-Purchase Contract, the two parties agree to a lease period during which rent is paid, and the terms of the sale at the end of the lease period, including sale price. Often, the contract is structured in two parts, one representing the lease term and the other a contract of sale.

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Illinois Lease Purchase Agreements Package