Lease To Own Contract
Lease To Own Contract
This Lease to Own Contract ("Agreement") is made and entered into this [Insert Date], by and between [Your Name] hereinafter referred to as the "Seller/Landlord", of the first part, and [Buyer/Tenant's Name], hereinafter referred to as the "Buyer/Tenant" of the second part.
1. ADDRESS OF PROPERTY
The property hereunder has an address at [Your Company Address]. The legal description of the property is as follows: [Legal Description].
2. TERM OF LEASE
The Lease term under this Agreement shall run from [Start Date] to [Ending Date].
3. RENTAL PAYMENTS
The Buyer/Tenant agrees to pay the Seller/Landlord the sum of [Insert Amount] per month payable on the [Insert Date] of each month. Failure to make rent payments on time may constitute a default under this Agreement.
4. OPTION TO PURCHASE
This Lease comes with an option for the Buyer/Tenant to purchase the Property under terms to be negotiated and agreed upon by both Parties. The purchase price shall be determined by [Method of Determining Purchase Price]. The option can be exercised by the Buyer/Tenant any time after [Insert Date], provided that all rental payments are current and the Buyer/Tenant is not in default under this Agreement.
5. REPAIR AND MAINTENANCE
The Buyer/Tenant shall be responsible for keeping the Property in good repair and maintaining the Property by any state and local regulations. This includes regular maintenance tasks as well as promptly addressing any repairs necessary to keep the property in a habitable condition. Major repairs or emergencies shall be promptly reported to the Seller/Landlord.
6. INSURANCE
Buyer/Tenant shall maintain sufficient insurance to protect the Property against loss or damage during the term of the Lease. This may include liability insurance, property insurance, and any other coverage deemed necessary by the Seller/Landlord. Proof of insurance shall be provided to the Seller/Landlord upon request.
7. DEFAULT AND REMEDIES
Default by the Buyer/Tenant may include failure to make rental payments on time, failure to maintain the property, or violation of any other terms of this Agreement. In the event of default, the Seller/Landlord may pursue remedies as allowed by law, including termination of the Lease and forfeiture of any option to purchase payments made by the Buyer/Tenant.
8. EARLY TERMINATION
Either party may terminate this Agreement early upon mutual agreement or under circumstances specified in this Agreement. Any termination shall be in writing and signed by both parties. In the event of early termination, the parties shall follow the procedures outlined in this Agreement for the return of any security deposit or other payments made.
9. DISPUTE RESOLUTION
All disputes under this Agreement that cannot be resolved by mutual agreement will be resolved by litigation in the courts of the [Insert Jurisdiction].
10. ENTIRE AGREEMENT
This contract constitutes the entire agreement between the parties and supersedes all prior discussions, representations, and amendments of understandings of every kind and nature between them.
11. AMENDMENTS
No amendment to this contract will be effective unless it is in writing and signed by both parties.
12. SEVERABILITY
If any part of this contract is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.
IN WITNESS WHEREOF, the Seller/Landlord and the Buyer/Tenant have executed this Agreement on the date first above written.
[Buyer/Tenant's Name]
[Your Name]
