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ALL 3 Documents Needed to do a Residential Lease Option

ALL 3 Documents Needed to do a Residential Lease Option

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Published by C. Nelson
If your looking to do a Residential Lease Option you need 3 contracts. We provide you these three contracts you need for Free.
If your looking to do a Residential Lease Option you need 3 contracts. We provide you these three contracts you need for Free.

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Published by: C. Nelson on Mar 18, 2009
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01/30/2011

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The 3 Documents NeededTo Do A Lease Option Are
Option AgreementResidential Lease AgreementPurchase Agreement
On the following pages you will find all 3 documents required to do a ResidentialLease Option or Real Estate Lease Option. 
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The author is not engaged in rendering legal, financial or other professional advice.Laws and practices often vary from state to state and if legal or other expertassistance is required, the services of a professional and competent real estateattorney should be sought. The author specifically disclaims any liability that isincurred from the use or application of the contents of these documents.
 
OPTION TO PURCHASE PROPERTY
Date: ______________________ 
This option to Purchase Property is entered into between____________________________________________ (“Seller”), located at _______________________________and______________________________(“Buyer”),located at _____________________________ in consideration of and subject to the following terms andconditions.
1.GRANT OF OPTION
Seller grants and conveys to Buyer the exclusive and irrevocable option to purchase (the “Option”) thefollowing real estate property (the “Property”) located in _____________________________,(City) _________________,(State), and is legally described as: _________________________________________ 
2.OPTION MONEY
Buyer pays Seller the sum of 
__________________________,
Dollars ($____________________)(the “Option Money”), the receipt of which Seller acknowledges as consideration for the Option.
3. TERM, EXERCISE/NOTICE
A.TERM. Buyer’s right to exercise this Option shall commence on the above date and shall continue until _____________________________and including the _____________________________ day of  __________________________________ (the “Option Period”).B.EXERCISE/NOTICE. This option shall be exercised by Buyer’s written notice to Seller of Buyer’sintention to purchase. The notice shall be deemed received when personally delivered, transmitted byfacsimile, sent by express courier or sent by United States mail, postage prepaid, certified and returnreceipt requested, addressed to Seller or the designated agent of Seller, as the case may be, at the addressset forth in this Option of any party prior to the expiration of the Option Period.Initials Buyers _______________ Initials Sellers __________________ Page 1 of 2
 
4. CLOSING AND DISPOSITION OF OPTION MONEY & RENT CREDITS
If Buyer exercises this Option as described above, the transaction shall be closed in accordance with theterms and conditions of the attached Purchase Agreement.A.The Option Money shall be credited to the purchase price.B.Buyer Receives a $100 Rent Credit. applied and deduced from the purchase price for every month thatSeller receives the monthly rent on time. There is no Rent Credit if the Rent Payment is late.C.If the Option is not exercised, then Buyer is forfeiting any and all Rent Credits they have built up.D.If the Option is not exercised, then Seller shall retain the Option Money as consideration for the grantingof this Option.
5. TERMS BINDING
All terms and conditions are included and no verbal agreements shall be binding.
6. ACKNOWLEDGEMENTS
This Option may be executed simultaneously or in two or more counterparts, each of which shall bedeemed an original, but all of which together shall constitute one and the same instrument. The partiesagree that this document may be transmitted between them by facsimile machine. The parties intendthat faxed signatures constitute original signatures and are binding on the parties. The originaldocument shall be promptly executed and/or delivered, if requested. ___________________________________________ _______________________________________ BUYER’S SIGNATURE DATE BUYER’S SIGNATURE DATE ___________________________________________ _______________________________________ PRINTED PRINTED ___________________________________________ _______________________________________ 
BUYER’S SOCIAL SECURITY #/FEDERAL ID # BUYER’S SOCIAL SECURITY #/FEDERAL ID #
 ______________________________________________ ____________________________________________ SELLER’S SIGNATURE DATE SELLER’S SIGNATURE DATE
 __________________________________________ ____________________________________________ PRINTED PRINTED ___________________________________________ ____________________________________________ SELLER’S SOCIAL SECURITY #/FEDERAL ID # SELLER’S SOCIAL SECURITY #/FEDERAL ID #Page 2 of 2

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