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What is a Notice of Exercise of Option to Purchase?
In a tough housing market, no landlord wants a rental property to sit empty for too long while the mortgage payments keep coming. Renting out your units while you try to get a fair offer makes sense. When a tenant comes along who seems like a potential buyer, putting a purchase option in the original lease might pay off for you. Once you put the offer on the table, your tenant can use a Notice of Exercise of Option to Purchase to take you up on it. If you're a tenant, you're under no obligation to purchase. But if you fall in love with the property and you're in a position to buy, you won't have to compete with other buyers to make it yours. Mail a Notice of Exercise of Option to Purchase to your landlord and start negotiating.
When to use a Notice of Exercise of Option to Purchase:
- You are currently leasing property and would like to proceed with purchasing this property from the Owner.