Fillable Printable Lease to Purchase Option Agreement

Lease to Purchase Option Agreement

LEASE TO PURCHASE OPTION AGREEMENT

This agreement dated the _______ day of ________________, _________, is by and

between ___________________________________________________________

(herein after referred to as “Seller/Landlord”) and

___________________________________________________________ (herein after

referred to as “Buyer/Tenant).

For good and valuable consideration, the receipt and sufficiency of which is hereby

acknowledged, Seller/Landlord hereby grants to Buyer/Tenant an exclusive option to

purchase the real property described as follows:

______________________________________________________________________

(herein after referred to as the “Property”) strictly according to the terms and conditions

contained herein (herein after referred to as the “Option to Purchase Agreement”), which

real property is the subject of that certain Residential Lease Agreement by and between

Seller/Landlord and Buyer/Tenant, of even date herewith (herein after the “Lease

Agreement”).

1. TERM OF OPTION. This option to purchase shall commence on the _______ day

of ________________, _________ and shall expire at 12 o'clock midnight on the

_______ day of ________________, _________.

2. EXCLUSIVITY OF OPTION. This option to purchase is exclusive and non-

assignable. Any attempted assignment, delegation, transfer or conveyance of this

option to purchase without the Seller/Landlord’s express written permission is void.

3. NOTICE REQUIRED TO EXERCISE OPTION. Buyer/Tenant may only

exercise this option to purchase by delivering written notice of intent to purchase to

Seller/Landlord. Such notice must specify a closing date to occur prior to the original

Termination Date set forth in the Lease Agreement or the option expiration date set

forth in paragraph 1 herein above, whichever is later in time.

OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in

the sum of $____________ to Seller/Landlord upon execution of this Option to

Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant

timely exercises this option, is not in default of the Lease Agreement and actually

closes the conveyance of the Property, the option consideration shall be credited to

the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in

the Lease Agreement or fails to close the conveyance, the option fee shall not be

refunded.

PURCHASE PRICE. The total purchase price for the Property pursuant to this

Option to Purchase Agreement is $________________. If Buyer/Tenant timely

exercises this option, is not in default of the Lease Agreement and actually closes the

conveyance of the Property, the Buyer/Tenant shall be credited, at closing, the sum of

$_______ from each monthly lease payment if every monthly lease payment was

timely remitted to Seller/Landlord pursuant to the Lease Agreement. No credit shall

be given at closing if any monthly lease payment was received by the Seller/Landlord

after the due date established in the Lease Agreement.

6. CLOSING AND SETTLEMENT. Closing and settlement shall be at a title

company designated by the Seller/Landlord. All closing costs and any points, fees

and/or charges imposed by the Buyer/Tenant’s lender shall be the sole responsibility

of the Buyer/Lender. Seller/Landlord shall only be responsible for its pro-rated share

of the ad valorem taxes due as of the date of closing. IT IS THE BUYER/TENANT’S

SOLE RESPONSIBILITY TO ARRANGE FINANCING FOR THE

TRANSACTIONS. SELLER/LANDLORD HAS MADE NO REPRESENTATIONS

TO BUYER/TENANT REGARDING THE AVAILABILITY OF FINANCING OF

BUYER/TENANT’S ABILITY TO QUALIFY FOR FINANCING.

7. REMEDIES UPON DEFAULT. (a) In the event of any such default by

Buyer/Tenant of this Option to Purchase Agreement or the Lease Agreement, then in

addition to any other remedies available to Seller/Landlord at law or in equity,

Seller/Landlord shall have the option to terminate this Option to Purchase Agreement

and all rights hereunder by giving written notice of termination. Tenant/Buyer is not

entitled to any refund of rent or option consideration whatsoever. (b) All of the terms

and conditions of the Lease Agreement must be complied with in order for this option

to be enforceable. In the event this Option to Purchase Agreement conflicts with any

part of the corresponding Lease Agreement, the terms and conditions of this Option to

Purchase Agreement shall be superior and prevail.

8. COMMISSIONS. There will be no real estate commissions paid as a result of this

transaction.

9. MODIFICATION. Any modification of any portion of this Option to Purchase

Agreement must be made in writing signed by both parties.

10.

REFERENCES IN WORDING. Plural references made to the parties involved in

this Option to Purchase Agreement may also be singular, and single references may

be plural. These references may also apply to Landlord/Seller and Buyer/Tenant

heirs, executors, administrators, successors as the case may be.

11.

TIME OF PERFORMANCE. Time is of the essence in this Option to Purchase

Agreement.

12. ENTIRE AGREEMENT. As written, this Option to Purchase Agreement

constitutes the final, entire agreement between the Buyer/Tenant and

Seller/Landlord. They have made no further promises of any kind to one another, nor

have they reached any other understandings, either written or oral.

13. FINANCING DISCLAIMER. The parties to this Option to Purchase Agreement

acknowledge that speculation of availability of financing or assumption of existing

loans towards the purchase of this property is impossible to predict. Therefore the

parties agree that these items shall not be a condition of performance of this Option to

Purchase Agreement, and the parties agree they have not relied upon any

representation or warranties by either parties.

14.

ACKNOWLEDGMENT. The undersigned Buyer/Tenant hereby acknowledge that

they have read this Option to Purchase Agreement, understand it, agree to it and have

been given an executed copy. This Option to Purchase Agreement is not to be

recorded in the property records unless express permission is granted by the

Seller/Landlord. Buyer/Tenant were advised, and had opportunity to, seek advice of

legal, tax, technical expertise professionals of their own selection and any other

counsel of their choosing concerning this contract prior to signing.

15.

CHOICE OF LAW AND VENUE. This Option to Purchase Agreement shall be

construed according to the laws of the State of __________________ and is executed

in __________________ County, __________________. All parties agree that the

venue for any dispute regarding this Option to Purchase Agreement shall be

__________________ County, __________________.

As to Seller/Landlord this ______ day of ________________________, 20_____.

SELLER/LANDLORD:

Sign: ___________________________________ Print:

__________________________________ Date: ______________

As to Buyer/Tenant, this ______ day of ________________________, 20_____.

BUYER/TENANT:

Sign: ___________________________________ Print:

__________________________________ Date: ______________

BUYER/TENANT:

Sign: ___________________________________ Print:

__________________________________ Date: ______________