Lease to purchase agreement template free

However, these kinds of contracts also tend to favor the home-owner or landlord and put the leaser-buyer at a disadvantage. If you are not absolutely sure you are going to purchase the property, make sure the form template you choose explicitly states that you have the option to purchase during or at the end of the lease.

Then in case you decide not to buy, you can forfeit this option. Regardless of what is decided, the section should spell out exactly what is agreed upon to avoid disputes later down the road. Hiring an attorney to go over the contract can ensure fairness and help point out any unforeseen conditions in the contract. Much like a mechanic needs to use the right tool for the job, property owners need to select the right type of contractual agreement for their situation. The pros and cons of a lease to own agreement in the eyes of a property owner are the following:.

Lease to Own Agreements. Email Delivery. Word Download. RTF Download. Bicycle Storage Area Yes. Storage Lockers Yes. Library Yes. Number of other amenities: 1 2 3 4 5. First other amenity e. Music Practice Room :. Second other amenity:. Third other amenity:. Fourth other amenity:. Fifth other amenity:. Will the Tenant s have access to parking? Select all special parking features that apply:.

Heated Parking Lot Yes. Covered Parking Lot Yes. Block Heater Outlet Yes. Do you wish to describe the parking location? Enter the description here:. What is the parking fee, per month e. Will the Tenant be allowed to operate a home-based business? Briefly describe the name or purpose of the business e. Speedy Shipping Corporation :. Will other occupants be allowed without the Landlord's written permission? Yes Yes, but only certain people No Do not specify.

Who will be allowed? Will pets be allowed in the housing? Yes Yes, with written consent from the Landlord No Do not specify. Will the Tenant s be allowed to smoke in the housing? Do you know when you will be starting this lease? Year: Unknown Is the date of occupancy the same as the start date?

Date of Occupancy:. Is an inspection report required on move-in? Will the Landlord s be providing signing incentives? Yes, as described below Yes, as described in an attached note Do not specify. Describe the signing incentives:. The Landlord shall waive the Tenant's first rent payment. This agreement will: Continue indefinitely until a party terminates it End at a specified time. When will the agreement end? The term will be measured in: Weeks Months Years.

Enter number of weeks e. Enter number of months e. Enter number of years e. Enter the amount of each rent payment e. Enter the currency e. Euros EUR. Will the Tenant be paying a security deposit? Enter the amount of the security deposit e. How soon after tenancy ends will the deposit be returned?

Specify time period Use the legal maximum Do not specify. Enter the time period, in days e. Do you wish to specify where the deposit will be sent after the Tenant moves out? Is parking included in the rent? Will the Tenant s be paying taxes directly to the Landlord s? Describe which taxes:. Are these taxes included in the rent? Will the Tenant s be paying taxes directly to the government? Will the Tenant s be paying the condo fees? Will the fees be included in the rent?

How often will the rent be paid? Weekly Monthly Every 3 months Every 6 months Yearly. Enter the due date for payment:. January 1st. Does the cost of Rent include any utilities? Power Yes. Heat Yes. Gas Yes. Water Yes. Phone Yes. However, due to the difficulty of enforcing the conditions and proving what was agreed-upon, they should only be used in situations where the parties have extreme trust in one another family, for example , or are leasing a property that the landlord will also share a single room, for instance.

Although commonly used to mean the same thing, they differ in the term duration of their contracts. Notarization is the process of having a certified third 3rd party officially verify a signature on a legal document.

Generally, lease agreements do not have to be notarized. However, certain states, such as Ohio, require leases longer than three 3 years to be certified by a Notary Public.

For a tenant, it also depends on the written lease, but also state law, which can provide the tenant with room for exiting the lease without incurring damages and other costs. Arbitration — The act of including a third 3rd party to listen to an argument, who will then make a final decision. Arbitrator — The person involved in arbitration that makes the final decision regarding a dispute.

Also known as subleasing. Co-tenant — A roommate; a tenant that shares the same rental property with another tenant. Escrow account — In renting, an escrow account is a bank account that tenants deposit their rent into. Eviction — The forced act of removing one 1 or more tenant s from a unit due to their non-compliance with the lease. Only used when the tenant s breached the lease. Invited by the tenant s. Landlord — The party responsible for managing the rental and overseeing the tenant s.

Lock-out — The act of preventing tenant s from entering a rental unit via changing the locks or similar action. Used when tenant s are late on rental payments. Typically an illegal action. Mediation — Used for resolving disputes. Includes a third 3rd party that listens to the arguments of both sides and assists them in coming to a mutual decision. A mistake due to an obviously unreasonable decision. Periodic Tenancy — A type of short-term lease that has no pre-defined end-date.

Can be terminated by the landlord or tenant so long appropriate notice is given. Common in large cities. Legally permitted in some states. Rental Period — The length of time between rent payments.

Can be a year, a month, a week, or another pre-determined timeframe. Security Deposit — A monetary payment given from tenants to a landlord at the start of the lease.

Used for covering unexpected damage, missed rental payments, and more. Landlords are required to return the deposit at the end of the lease if no deductions need to be made. Sublease — The act of introducing a second 2nd tenant to live in the property alongside, or in replacement of, the original tenant. Sublessee — The individual living in the property in replacement of the sublessor. Sublessor — The original tenant to a rental property. Termination notice for periodic leases — A written notice delivered by the landlord or tenant signifying they wish to terminate the lease agreement.

Typically provided thirty 30 days in advance of the next rental payment. Warranty of habitability — A guarantee that the rental property will be livable for tenants for the full length of the lease term. In the provided fields, enter the date that the parties are completing the document, followed by the full names of the Landlord and Tenant s. Enter the number of days that can pass before the agreement is terminated and eviction proceedings begin.

Most states have a required amount of days that need to pass before the eviction process can begin. Enter the day of the month after which a late charge will be issued, along with the monetary amount of the late charge.

For any returned checks, enter the dollar amount charge that will be billed to the tenant. Landlord will need to list all utilities that will be paid for. Any absent utilities are the responsibility of the tenant s.