The lessor is required to accept a lease agreement with an option to purchase that can be signed by both parties. In addition, the parties must provide the following: like any other rental agreement, it is recommended that the landlord apply for a tenancy to the tenant in order to obtain his personal data in order to carry out a credit, a background and a criminal examination. This form must accompany a residential rental contract – the main contract on the lease conditions. As a general rule, the option to purchase the property is only available for a predetermined period of time. Declare the first calendar date at which the buyer/tenant can purchase the property on an empty line between the term “Start a period” and the label “month, day, year,” and then indicate the last date of the calendar at which the buyer/tenant can purchase the property in the empty second line. The next section, which requires attention, “6th consideration option,” should have the written and numerical dollar amount that the buyer/tenant must pay to the seller/landlord for the option to purchase the property in accordance with this agreement. This payment is non-refundable as long as the seller/lessor complies with its obligations and is applied to the purchase price as a credit to the buyer/tenant at the time of purchase. Use the empty lines in the words “… A non-refundable amount,” to record the amount the buyer/tenant must pay for this option.
In the section entitled “7th Purchase Price,” the total amount of money for which the “seller/renter” will sell the property in question to the buyer/tenant must be produced on the first two empty items. This amount should first be tendered in words and then numerically. The total amount of money from the monthly rents paid by the buyer/tenant for the duration of this document, which are used as a credit on the Purchas price, must also be documented here. This information should be on empty lines according to the terminology “… Credit in purchase price at the close of the sum. As a general rule, the language of the lease-sale has only these conditions, provided that both parties enter into “good faith” in a sales contract.