Residential Lease Option to Purchase Form

Instruction sheet
lease option form real estate instruction sheet
If you are in a hurry, scroll down enter the Tenant’s Name, Property Address and the Owner’s Name.
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LEASE SECTION
Enter Details For Your Form

Name of Tenant(s) – Buyer(s) ..include all parties, separate each with a comma
Owner’s Name ..include all parties, separate each with a comma

Property Address
City
State
Zip Code

Acceptance of this Agreement by Owner must be within:( how many days )

Earnest Money / Good Faith Deposit $  

Read The Types of Deposits BELOW

Any box checked "WILL" include that deposit within your completed form — Default is "ON"
To remove a type of deposit listed — uncheck that box
Enter The amount of the Deposit ( numbers only – no $ dollar sign ) and Click on the Empty Box next to the word "Refundable".
Decide if the deposit … IS … or … IS NOT … to be Refundable.

Do NOT use a Comma or $ in any of the money fields

Security Deposit$ Refundable?
Pet Deposit$ Refundable?
Cleaning Deposit$ Refundable?
Redecorating Deposit$ Refundable?
Other Deposit$ Refundable?

Read The Types of Payments BELOW

Any box checked "WILL" include type of PAYMENT within your completed form — Default is "ON"
To remove a type of PAYMENT listed — uncheck that box
Enter The amount of Payment ( numbers only – no $ dollar sign )

Do NOT use a Comma or $ in any of the money fields

Option Consideration$ Refundable?
1st Month Rent$
Pro-Rated Rent$
Last Months Rent$
Other $

Click on each field and enter your own information

1. LEASE:
Commencing  
Tenant agrees to pay Owner the sum of $
per month in advance on the  day of each calendar month.
Said rental payment shall be delivered by Tenant to Owner or his designated agent to the following location:
Enter the Address where the Rent is to be delivered


2. TERM of LEASE:
Lease shall end

3. DEPOSITS:
Within days of the Tenant vacating the premises, Owner shall furnish Tenant a written statement indicating any amounts deducted as permitted by law and returning the balance to the Tenant.

INCLUDE or NOT any of the Sections (Paragraphs) Below

Any box checked "WILL" include that Section within your completed form — Default is "ON"
To remove a Section — uncheck that box
Any numbers of Paragraphs missing are automatically included.

5. OCCUPANTS:
The premises shall NOT be occupied by any person other than those designated above as Tenant with the exception of the
following named person(s): separate each name with a comma

6. SUBLETTING OR ASSIGNING:
Tenant agrees not to assign or sublet the premises or any part thereof, without first obtaining written permission from Owner.

7. UTILITIES:
Tenant shall pay for all utilities (and-or) services supplied to the premises with the following exception:
Enter any Utility that the Owner will pay

8. HEIRS,ASSIGNS,SUCCESSORS:
This lease is binding upon and inures to the benefit of the heirs, assigns and successors in interest to the parties.

9. CONDITION OF PREMISES:
Tenant acknowledges that the premises have been inspected. Tenant acknowledges that said premises have been cleaned and all items, fixtures, appliances and appurtenances are in complete working order unless otherwise indicated herein. Tenant promises to keep the premises in a neat and sanitary condition and to immediately reimburse Owner for any sums necessary to repair any item, fixture or appurtenance that needed service due to Tenant’s or Tenant’s invitee, misuse or negligence.

10. ALTERATIONS:
Tenant shall not make any alterations to the premises, including but not limited to installing aerials, lighting fixtures, dishwashers, washing machines, dryers or other items without first obtaining written permission from Owner. Tenant shall not change or install locks, paint or wallpaper said premises without Owner’s prior written consent.

11. LATE CHARGE / BAD CHECKS:
If Owner has not received any rent payment within days after rent becomes due pursuant to the provisions of this lease, Tenant shall pay to Owner a late fee of $ per day in addition to the monthly rent then due. This LATE FEE shall commence on the day of the month and accrue until payment and accumulative LATE FEES are received by Owner. If rent is not paid when due and Owner issues a "Notice To Pay Rent Or Quit," Tenant must tender cash or cashier’s check only. If Tenant tenders a check, which is dishonored by a banking institution, then Tenant shall only tender cash or cashier’s check for all future payments. This shall continue until written consent is obtained from Owner. In addition, Tenant shall be liable for the sum of $ for each check that is returned to Owner from Owner’s bank, not paid for any reason.

12. ORDINANCES AND STATUTES:
Tenant shall comply with all statutes, ordinances and requirements of all municipal, state and federal authorities now in force or which may hereafter be in force, pertaining to the use of the premises.

13. OWNER’S RIGHT OF ENTRY:
Owner may enter and inspect the premises during normal business hours and upon reasonable advance notice of at least 24 hours to Tenant. Owner is permitted to make all alterations, repairs and maintenance that in Owner’s judgment is necessary to perform. In addition Owner has all right to enter pursuant to laws of the jurisdiction. If the work performed requires that Tenant temporarily vacate the premises, then Tenant shall vacate for this temporary period upon being served a notice by Owner. Tenant agrees that in such event that Tenant will be solely compensated by a corresponding reduction in rent for those many days that Tenant was temporarily displaced. If the work to be performed requires the cooperation of Tenant to perform certain tasks, then those tasks shall be performed upon serving 24 hours written notice by Owner.

14. REPAIRS BY OWNER:
Where a repair is the responsibility of the Owner, Tenant must notify Owner with a written notice stating what item needs servicing or repair. Tenant must give Owner a reasonable opportunity to service or repair said item. Under no circumstances may Tenant withhold rent unless said item constitutes a substantial breach of the warrantee of habitability as stated in laws of the jurisdiction.

15. PETS:
No dog, cat, bird, fish or other pet or animal of any kind may be kept on or about the premises without Owner’s written consent.

16. FURNISHINGS:
No liquid filled furniture of any kind may be kept on the premises.

17. INSURANCE:
Tenant shall maintain "Renters Insurance" including liability limits of at least $ and property damage with a minimum limit of at least $ Tenant shall deliver appropriate evidence to Owner as proof that adequate insurance is in force. Owner shall have the right to require that the Owner receive notice of any termination of such insurance policies.

18. HOLDING OVER:
Any holding over after expiration of this lease, with the consent of Owner, shall become a month to month tenancy in accordance with the terms hereof, as applicable. Where said term is a month to month tenancy, either party may terminate this tenancy by the serving of a 30 day written notice. No such holding over or extension of this lease shall extend the time for the exercise of the option unless agreed upon in writing by Owner.

19. POSSESSION:
If premises cannot be delivered to Tenant on the agreed date due to loss, total or partial destruction of the premises or failure of previous tenant to vacate, either party may terminate this agreement upon written notice to the other party at their last known address. It is acknowledged that either party shall have no liability to each other except that all sums paid to Owner will be immediately refunded to Tenant.

20. ABANDONMENT:
It shall be deemed a reasonable belief by the Owner that an abandonment of the premises has occurred where rent has been unpaid for 30 consecutive days and the Tenant has been absent from unit for 30 consecutive days. In that event, Owner may serve written notice pursuant to the Civil Code of the jurisdiction. If  Tenant does not comply with the requirements of said notice, the premises shall be deemed abandoned.

21. WAIVER:
Owner’s failure to require compliance with the conditions of this agreement or to exercise any right provided herein, shall not be deemed a waiver by Owner of such condition or right. Owner’s acceptance of rent with knowledge of any default under agreement by Tenant shall not be deemed a waiver of such default, nor shall it limit Owner’s rights with respect to that or any subsequent right. It is further agreed between the parties that the payment of rent at any time shall not be a waiver to any legal action unless Owner, in writing specifically acknowledges that this constitutes a waiver to said legal action.

22. VALIDITY/SEVERABILITY:
If any provision of this agreement is held to be invalid, such invalidity shall not affect the validity or enforceability of any other provision of this agreement.

23. ATTORNEY FEES:
In the event action is brought by any party to enforce any terms of this agreement or to recover possession of the premises, the prevailing party shall recover from the other party reasonable attorney fees.

24. NOTICES:
All notices to the tenant shall be deemed served upon mailing by first class mail, addressed to the tenant, at the subject premises or upon personal delivery to the premises whether or not Tenant is actually present at the time of said delivery. All notices to the Owner shall be served by mailing first class mail or by personal delivery to:
Enter an Address

25. PERSONAL PROPERTY OF TENANT:
Once Tenant vacates the premises, all personal property left by the tenant shall be stored by the Owner for 30 days. If within that time period, Tenant does not claim said property, Owner may dispose of said items in any manner Owner chooses.

26. TIME:
Time is of the essence of the agreement.

OPTION to PURCHASE SECTION
So long as Tenant is not in Substantial default in the performance of any term of this lease, Tenant shall have the OPTION TO PURCHASE THE REAL PROPERTY DESCRIBED HEREIN FOR a purchase price of $

Tenant agrees to purchase the real property and all fixtures and improvements thereon and appurtenances incident thereto, plus personal property described below (collectively the "Premises").

FIXTURES and PERSONAL PROPERTY:  All existing fixtures on the Premises and any existing personal property specified herein, shall be left upon the Premises and included in this sale. Owner agrees that the fixtures and personal property made part of this sale include the following: Storage sheds-Electrical,Plumbing,Heating and Cooling equipment-Built/In appliances-Light fixtures-Ceiling Fans-Window and Door screens,Sun Screens-Solar Systems-Storm Windows and Doors-Shutters-Awnings-Fire Detection/Suppression Systems-Towel,Curtain and Drapery Rods-Draperies and other Window Coverings-Attached Floor Coverings-Air Coolers and/or Air Conditioner(s)-Attached Fireplace Equipment-Wood Burning Stoves-Garage Door Openers and Controls-Timers-Mailbox-Attached TV antennas (excluding Satellite dishes and operating equipment)-and all existing landscaping including trees shrubs,fountains and lighting. In addition the following:

27. ADDITIONAL TERMS:

28. DISCLAIMER:
The parties acknowledge that it is impossible to speculate on availability of financing, purchase costs and lender’s requirements. Therefore, the parties agree that these items shall not be conditions of performance of this agreement and the parties agree they have not relied upon any other representations or warranties by brokers, sellers or other parties.

29. ENCUMBRANCES:
In addition to any encumbrances referred to above, Tenant shall take title to the property subject to: (1) Real Estate Taxes not yet due and (2) Covenants,Conditions,restrictions,reservations,rights,rights of way and easements of record, if any, which do not materially affect the value or intended use of the property. The amount of any Bond or Assessment which is a lien shall be by

30. EXAMINATION OF TITLE:
Fifteen (15) days from date of exercise of this option are allowed for the Tenant to examine the Title to the Property and to report in writing any valid objections thereto. Any exceptions to the Title which would be disclosed by examination of the records shall be deemed to have been accepted unless reported in writing within said fifteen days. If Tenant objects to any exceptions to the title, Owner shall use all due diligence to remove such exceptions at his own expense within: thereafter. But, If such exceptions cannot be removed within the allowed time,all rights and obligations hereunder may, at the election of the Tenant, terminate and end, unless he elects to purchase the property subject to such exceptions.

31. EVIDENCE OF TITLE:
Evidence of Title shall be in the form of to be paid by

32. CLOSING COSTS:
Escrow Fees, if any and other closing costs shall be paid in the following manner :

33. CLOSE OF ESCROW:
Within days from exercise of the option or upon removal of any exceptions to the Title by the Owner, as provided above, whichever is later, both parties shall deposit with an authorized escrow holder, to be selected by the Tenant, all funds and instruments necessary to complete the sale in accordance with the terms and conditions hereof. The representations and warranties herein shall not be terminated by conveyance of the property.

34. PRO-RATIONS:
Rents,taxes, premiums on Insurance acceptable to Tenant, interest and other expenses of the property to be prorated as of recordation of deed. Security Deposits, advance rent or considerations involving future lease credits shall be credited to Tenant.

35. EXPIRATION OF OPTION: This Option may be exercised at any time after and shall expire at midnight: unless exercised prior thereto. Upon expiration Owner shall be released from all obligations hereunder and all of Tenants right hereunder, legal or equitable, shall cease.

36. EXERCISE OF OPTION:
The Option shall be exercised by certified mail, postage prepaid, to the Owner at the address set forth below or by delivering written notice to the authorized escrow holder referred to above prior to the expiration of this Option.

37.
In the event the Option is exercised, the consideration paid for the Option hereunder prior the exercise of the Option shall be credited upon the purchase price.

38.
In the event the Option is exercised, the consideration rendered for the percentage of rent paid hereunder prior the exercise of the Option shall be credited upon the purchase price.

39. ENTIRE AGREEMENT: This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. The Agreement may be modified or amended in writing, if it is signed by the party obligated under the amendment. Tenant acknowledges that Tenant has read and understood this agreement and has been furnished a duplicate original.

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