Lease purchase negotiations between a property-owner and a tenant/buyer involves many twists and turns. The property owner may want this, or the tenant/buyer may want that, are basically one of the things being talked about in these negotiations. However, this sort of negotiation is not merely done verbally. It must have a written record of the things that both parties legally agreed upon. One of those so called written records are lease purchase agreement documents. The main and most important content of these documents are the lease period of the property, and the period wherein the tenant/buyer can purchase it.
6 Steps in Creating Lease Purchase Agreement Documents
Step 1: Determine the agreement’s title.
Every document should have a title, especially formal documents such as agreements. The title could be the name of the property involved in the negotiation. This should give the readers enough insight on what the agreement is all about. However, it all depends on you, as long as the chosen title contributes relevance to the document.
Step 2: Provide all the needed information of both parties.
In this step, you’ll be providing the complete identity of both parties by encoding or writing their names, mailing addresses, contact numbers, company names, and email addresses.
Step 3: Comprehensively write the terms and conditions.
The terms and conditions is the main and most important content of the document. This is where all of the things being agreed upon by both parties are stated. They will act as the guidelines once the agreement is in full effect. Therefore, this part of the document must strictly be accurate to avoid disputes.
Step 4: State the laws being followed.
This is most important when the two parties are not located in the same city or state. There must be clear understanding between both of them regarding which law to follow. However, if the property being negotiated is a building, apartment, or house, the law to follow should be that of the property-owner’s location.
Step 5: Cite several grounds of agreement termination.
Doing so will compensate the negative outcomes caused by situations such as one party not fulfilling their end of the bargain, or not complying accordingly with the agreements made. You can do this with the use of a contingency plan.
Step 6: Review everything.
Before letting both parties affix their signatures on the agreement document, take some time to go over it from start to finish. Make sure that every statement is accurate and relevant.
10+ Lease Purchase Agreement Templates
1. Lease Purchase Agreement Template
The Lease Purchase Agreement Template effectively tackles everything that a lease purchase agreement document should cover. Its best attribute is that it provides you with elaborated statements regarding the terms and conditions. So with this template, all you have to do is basically fill in its blanks, and make some minor changes to it.
2. Property Purchase Agreement Sample Template
The Property Purchase Agreement Sample Template does a great job of emphasizing all the general info for your convenience. It does so with the use of subheadings, numbering, and bullets. Hence, with this template, looking for specific info in the agreement document becomes much easier.
3. Real Estate Property Purchase Agreement
This high-quality template is primarily intended for lease purchase agreements concerning real estate properties. As we all know, real estate properties have a lot of legalities, terms, and conditions involved compared to other forms of properties, and this template provides you with all them. Therefore, you’ll be saving a huge amount of your time using this template.
4. Option to Lease Agreement Template
There are some property/lease agreements that don’t include an option for the tenant to own the property after a specific period of time. But if someone making a lease purchase agreement document opts to include one, then the Option to Lease Agreement Template would make do. You can own this template in just a few steps, which starts by clicking on its ‘download’ button.
5. Home Rent to Own Contract Template
As its name implies, the Home Rent to Own Contract Template is made for lease purchase agreements involving houses and apartments. So if it so happens you’re a landlord offering a tenant/buyer the option to own your property, then you should consider owning this template. It’s nine pages long, so you can expect it has a fully-detailed default content.
6. Vehicle Lease Agreement Template
When it comes to lease, what mostly comes into mind are properties such as buildings and houses. But in fact, vehicles can be also subject for lease. So if you’re offering a buyer the chance to own your vehicle-for-rent, then you should keep the Vehicle Lease Agreement Template in your computer files. All of the terms and conditions and important points of considerations when it comes to vehicle lease agreements is already provided by this template.
7. Rental Agreement Template
A lease purchase agreement is basically two documents put into own, a rental agreement and a purchase (option to lease) agreement. So when you’re making a lease purchase agreement, you can make use of this template, the Rental Agreement Template. Moreover, you can also merge this with the Option to Lease Agreement Template. Merging these two births your very own lease purchase agreement.
8. Sample Lease with Option to Purchase
The Sample Lease with Option to Purchase is a great example on how an effective lease purchase agreement should look like. Hence, this would make do as a decent reference when writing one of your own. Or better yet, you can use this as a template by opening it with an application that supports PDF files. This sample is instantly yours once you click on its ‘download’ button.
9. Equipment Lease Purchase Agreement
Just like vehicles, equipment can also be subject for lease aside from buildings and homes, and this sample should be your guide when making lease purchase agreements involving equipment and machinery. This sample includes all of the necessary details of an equipment, such as its make model, a short description about it, its unit price, and its lease purchase price.
10. Lease Agreement Sample with Option
The Lease Agreement Sample with Option is a prime-example on how lease agreements concerning real estates should go about as you read it. This quality sample doesn’t skip anything of importance, which is strictly a must when it comes to real estates, due to the fact that they are a large and major property. So why not download and go over this sample now. You might learn some tips from it on how to write effective real estate lease agreements.
11. Sample Lease Purchase Agreement
The Sample Lease Purchase Agreement is a sample you should own as it shows you how a fully-detailed lease purchase agreement should appear to the eyes of its readers. This sample is dominated by numerous sections elaborately expounding about the property being negotiated, along with the legal agreements made by both parties. So whatever the type of lease purchase agreement you’re making, this sample would always make do as a reference.