This lease to own agreement template has 6 pages and is a MS Word file type listed under our real estate documents.
Sample of our lease to own agreement template:
LEASE TO OWN AGREEMENT This Lease to Own Agreement (the "Agreement") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the "Landlord/Seller"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Tenant/Buyer"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] WHEREAS the Landlord wishes to lease its property to the Tenant and give an option to purchase as well; WHEREAS the Tenant wishes to take the property on lease and have an option to purchase the same. NOW THEREFORE, in consideration of the premises and of the mutual agreements contained in this Agreement, the Parties hereto agree as follows: DESCRIPTION The Landlord/Seller agrees to lease, and the Tenant/Buyer agrees to rent the property located at: [ENTER PROPERTY ADDRESS] TERM The term of this Lease/Option shall be for a period of ________ months commencing on _____________ and ending on ____________. The term will be automatically extended for _______ periods of_________ months, unless the Tenant/Buyer gives notice to the Landlord/Seller of its intent to terminate this Lease, by mailing a written notice to the last provided address of the Landlord/Seller. Liability for payment will not extend beyond notice to terminate this Agreement. RENT AND RENT CREDIT The Tenant/Buyer agrees to pay to the Landlord/Seller, the sum of $__________ per month, with the first payment beginning _______________ as rent for the property, for the term of this Lease/Option, and during any extensions thereof. All rental payments shall be due and payable in advance on the 1st day of each and every month. An amount equal to $_____________ for each month in which rent was paid, shall be credited to the Tenant/Buyer and applied to the purchase price of the property in the event that the Tenant/Buyer exercises its option hereunder; otherwise, this credit shall be non-refundable and considered forfeited if the option is not exercised. PURCHASE OPTION 4.1 The Tenant/Buyer, as part of the consideration herein, is hereby granted the exclusive right, option and privilege of purchasing said property at any time during the term of this Lease/Option Agreement or any extension thereof. The Tenant/Buyer shall notify the Landlord/Seller in writing of the exercise of this option at least ten (10) days prior to the expiration of the initial term of this Lease/Option, or the expiration of any extension thereof, by mail to the last-provided address of the Landlord/Seller. PURCHASE OPTION PRICE AND TERMS 5.1 The Tenant/Buyer agrees to pay for said property the sum of $____________ less any sums for which the Tenant/Buyer is entitled to claim reimbursement or offset in accordance with this Agreement, the net sum to be paid in cash, certified check, or e-transfer. The Tenant/Buyer has given a non-refundable option consideration of $___________ for the purchase. Additional sums will be properly credited. COVENANTS OF TENANT/BUYER Commencing with and during the term of this Agreement, including extensions, the Tenant/Buyer hereby covenants and agrees as follows: That the Tenant/Buyer will pay all utility charges and bills, including, but not limited to, water, sewer, gas, oil, and electric, which may be assessed or charged against the property; That the Tenant/Buyer will not use the property for any unlawful purpose; and that the Tenant/Buyer will conform to and obey all laws, ordinances, rules, regulations, requirements and orders of all federal, state, and local governmental authorities, agencies, departments, bureaus, boards or officials, respecting the use of the property; and That the Tenant/Buyer will surrender and deliver the property at the end of the term or any extensions thereof, should the option herein not be exercised, in as good order and condition as the same now exists, reasonable use and natural wear and tear excepted. COVENANTS OF LANDLORD/SELLER Commencing with and during the term of this Agreement, including extensions, the Tenant/Buyer hereby covenants and agrees as follows: That the Landlord/Seller shall pay for and maintain fire and extended coverage insurance on said property. That the Tenant/Buyer shall peaceably and quietly hold, occupy, use and enjoy the property, without any let, hindrance by the Landlord/Seller or any person associated therewith. BREACH BY TENANT/BUYER If the Tenant/Buyer shall fail to keep and perform any of the covenants, agreements, or provisions of this Lease/Option, or if the Tenant/Buyer shall abandon the property, it shall be lawful for the Landlord/Seller to enter into said property and again have, repossess, and enjoy the same as if this Lease/Option had not been made, and thereupon, this Lease/Option and everything herein contained on the part of the Landlord/Seller to be done and performed shall cease, determine and be utterly void. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment, or otherwise after any default by the Tenant/Buyer, shall be equivalent in every respect to actual entry by the Landlord/Seller. DEFAULT BY LANDLORD/SELLER (PAYMENTS) In the event the Landlord/Seller is delinquent on any payments required under this Agreement or pertinent to the above property, the Tenant/Buyer shall have the right to make such payments as necessary to cure said default on behalf of the Seller/Landlord. COSTS OF IMPROVEMENTS
