A lease Purchase Agreement is a great option when somebody is looking to buy a house but cannot pay the lump sum money at once. In this case, you take the property on lease and go on depositing monthly payments- a portion of which will go to the down payment of the house. You own the house after the end of the lease term. This is to stress here that these contracts are also applicable for commercial properties and equipment.
You have an elaborate residential lease purchase agreement template here which begins with the identification of the lessor, the lessee, the property- and then goes to include the terms and conditions of the contract.
You have a standard Lease Agreement here that might also double up as a purchase agreement later. It starts with the declaration of the agreement between two parties, followed by the legal terms used and the covenants.
You have a commercial lease/ purchase agreement here that starts with the mention of two parties in the contract at the top and then includes all necessary clauses like purchase price, due diligence period, and so on.
If your university is planning to purchase or lease space off-campus, you would need this form to notify your institution’s administrative board. The form would enable you to provide the requested duration, the reason behind the place, etc.
A lease Purchase Agreement usually begins with the declaration of the contract between the two parties- the seller/homeowner and tenant/buyer. Then, it will mention the property and the option fee which refers to the tenant’s initial payment for the real estate. The contract will specify the monthly payment and rent credit- the amount of monthly payment which will be passed for down-payment. Another important part of the agreement is the duration or time frame of lease-purchase contract that is generally around 2-3 years. Besides, like every lease contract, the lease purchase contract will include the terms and conditions that the landlord has set for the tenant.
A lease Purchase Agreement is beneficial for both the landlord/seller and the tenant/buyer. To start with, the homeowner here can ask for a higher rent compared to the usual rate and the tenant would be willing to pay it as he is getting flexible financing terms. Then, as the tenant is hopeful to buy the property in future, the landowner will have this peace of mind of proper maintenance of the property by the tenant. For the tenant, such an agreement is always handy as they won’t have to shell out as much down payment as is usual while purchasing a house. As a potential tenant/buyer, you can save around 25% here.
Are you looking for help in drafting a lease purchase agreement? Well, these are elaborate documents and are a tedious thing to do any day. But you can let go of such worries now as the templates mentioned above will help you with ready-made and easily customizable lease purchase agreements.