This form is a generic pleading that may be referred to when ousting a tenant who has breached the terms of a lease or rental agreement by a tenant who has stayed (held over) after the term of the lease has expired.
Leased expiration lease with option to buy, also known as a lease purchase agreement or rent-to-own arrangement, is a contract commonly used in real estate transactions. This type of agreement offers individuals the opportunity to lease a property for a specific period with the option to purchase it at the end of the lease term. The lease duration varies, usually ranging from one to three years. During this time, the lessee pays monthly rent to the lessor, just like in a traditional lease. However, what sets this arrangement apart is the inclusion of a provision giving the lessee the exclusive right or option to buy the property at a predetermined price within the specified time frame. This type of lease purchase agreement is beneficial for both parties involved. For the lessee, it provides an opportunity to live in the property and test its suitability before committing to the purchase. It also allows the lessee to accumulate funds for a down payment or improve their credit score to secure a mortgage. The lessor benefits from a steady rental income and the potential sale of the property at the agreed-upon price. There are different variations of the lease purchase agreement that cater to the specific needs and preferences of the parties involved: 1. Lease option to buy: This is the most common form, where the lessee has the option, but not the obligation, to purchase the property at the end of the lease term. They may choose to exercise the option or walk away without any further obligation. 2. Lease purchase agreement: In this type, the lessee is contractually obligated to buy the property at the end of the lease term. Failure to do so often results in penalties or forfeiture of the option fee and accumulated rent credits. 3. Lease with right of first refusal: This variation grants the lessee the first opportunity to purchase the property if the lessor decides to sell anytime during the lease term. The lessee has the right to match any offer received from a potential buyer before the lessor can proceed with the sale. 4. Lease with rent credits: Some lease purchase agreements include a provision where a portion of the monthly rent is credited towards the eventual purchase price. These accumulated rent credits are typically deducted from the purchase price, reducing the overall cost. Leased expiration lease with option to buy provides flexibility and opportunity for those who want to become homeowners but may not be ready to commit to a purchase immediately. It allows individuals to experience living in the property, while at the same time, saving money and preparing for future homeownership.
