In addition to these factors, there are other things that can go wrong with these leasing option contracts. To protect your interests, here are some possible problems that you should keep in mind: As a rule, the opportunity to buy the property is available only for a predetermined period of time. Declare the first calendar date on which the buyer/tenant can purchase the property online empty between the term “period begins on” and the term “month, day, year”, and then indicate the last calendar date on which the buyer/tenant can purchase this property in the second empty line. The next section, which requires attention, “6th Option Consideration” should have the written and numerical amount in dollars that the buyer/tenant must pay to the seller/owner for the option to purchase the property under this agreement. This payment is not refunded as long as the seller/owner fulfills his obligations and will be applied to the purchase price as a credit to the buyer/tenant at the time of purchase. Use the blank lines according to the words “. A non-refundable amount”, in order to specify the amount that the buyer/tenant must pay for this option. In section “7. Purchase price”, the total amount of money for which the “seller/lessor” sells the property in question to the buyer/lessee must be manufactured on the first two voids. This amount should first be the subject of a digital call for tenders. The total amount of money from the monthly rents made by the buyer/tenant during the life of this paperwork and which apply as a credit to the purchase price must also be documented here. This information should be used in blank lines according to terminology.” Credit on the purchase price at the end of the sum of. » Tip: Still not sure if this is the right deal for you? Here`s a New York Times article on some of the benefits and risks of a rent-to-own deal.
As with any other lease, it is recommended that the lessor submit a rental request to the tenant in order to obtain his personal data, in order to carry out a credit, fund and penalty check. The language of leasing purchase is usually limited to these terms, provided that both parties enter into a contract of sale in good faith….