Lease options used to be all the rage a few years back and are still pretty popular in a lot of states now that financing for a lot of potential buyers has gone down the tubes.
Anyhow, I’ve never used this form myself… but if you’re looking at doing a lease option go ahead and download this form for free to see what’s involved in the contracts in these types of deals.
Enjoy 🙂
As always, our attorneys make us say it… these forms are for reference only and you should always pass any forms you use for your business by a competent attorney in your local area to make sure they jive with all state, federal, and local law.
Download Residential Lease with Option to Purchase Form
Download Instructions:
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Right click on the download link below
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Click “Save As” or “Save Target As”
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Save it to your computer
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Go ahead and download the free Residential Lease with Option to Purchase above and return the favor… tell us what’s been working for you in your market! Just post a comment below or shoot us a message through our contact page anytime letting us know about your successful marketing piece.
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Thanks, Lease Options are a great way to control more real estate. I like to compare different contracts
I printed the lease to rent to buy. I have some questions: If we charge 1800.00 to rent, should we get a deposit to purchase? Say the property is 350,000. If so what if they decide in a year not to buy? Do we give that money back to them? Should they pay the taxes if they are buying right now? I know they pay all utilities. They also want to do some remodeling. How will that work? Take off the rent or the purchase price?
Hey Mary,
Excellent! Well… a deposit is up to you… but I know state to state some states don’t like it being called a “deposit”… so, just make sure you connect w/ your title company or attorney before you do the lease option to make sure things are the way they should be for your specific area and deal. Usually, if they decide not to buy then they lose their “deposit”… so make sure you have your attorney look at things to make sure that’s clear in your contract.
If they do remodeling, you can make it so w/ your prior written approval… the amount of the cash spent by the tenant buyer on pre-approved remodeling/upgrades will be taken off of the purchase price should they decide to buy the property. I wouldn’t take it off of rent… I’d take it off the purchase price if they purchase… and make sure that it clearly states in the contract that if they decide not to buy the property that they don’t get the money they put into remodeling back.
Hope that helps… but in the end… we’re not attorneys so make sure you pay an attorney a couple hundred bucks to look things over and make sure things fit your specific goals.
Enjoy 🙂
– Trevor