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HOW IT WORKS
How it works
Whether you're a landlord or a tenant, a Lease With Option To Purchase gives you more flexibility for making decisions about your property. It's just what it sounds like: it's similar to a standard lease, except that the tenant may be able to purchase the property under certain conditions. It's simple to create a Lease with Option to Purchase and help ensure more options for everyone when the time comes.
You can use a Lease With Option To Purchase to clarify all the terms and conditions regarding the use of a residential property. Like a regular lease, it outlines all the monthly payment information and maintenance responsibilities. In addition, it explains how the tenant can buy the property from the landlord during the lease (you can dictate whether this purchase option expires with the lease). Your Lease With Option To Purchase should include details like: the names of the landlord(s) and tenant(s); the address and a description of the property; the beginning and end dates of the lease; the monthly payment; the property's purchase price; whether the landlord will credit some amount of the monthly rent towards the purchase price; each party's maintenance responsibilities; who's responsible for utilities; pet policies; information on lead paint that may have been used; and more. You can also print an inspection checklist, which we recommend using.
Other names for this document: Lease With Purchase Option, Lease with Option to Buy, Lease Purchase
More than just a template, our step-by-step interview process makes it easy to create a Lease with Option to Purchase.
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