Real Estate Lease Purchase Agreement

A real estate lease purchase agreement is a contract that allows a tenant to lease a property with the option to purchase it at a later date. This type of agreement can be beneficial for both the landlord and the tenant, as it provides a guaranteed rental income for the landlord and gives the tenant the opportunity to become a homeowner.

When drafting a real estate lease purchase agreement, it is important to include the following key elements:

1. Purchase Option: The agreement should clearly state the purchase price and date by which the tenant can exercise the option to purchase the property. This option fee can be credited towards the purchase price of the property.

2. Lease Terms: The lease terms should be outlined, including the amount of rent, the due date of rent payments, and the length of the lease agreement.

3. Maintenance and Repairs: The agreement should specify who is responsible for maintenance and repairs during the lease term.

4. Security Deposit: The amount of the security deposit should be outlined in the agreement. It is important to note that this deposit cannot be applied towards the purchase price of the property.

5. Default and Termination: The agreement should outline the circumstances under which the agreement can be terminated and the consequences of default.

It is important to consult with a real estate attorney when drafting a real estate lease purchase agreement to ensure that the agreement is legally binding and protects the rights of both the landlord and tenant.

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