Rent to Own Lease Agreement

Introduction:

This Rent to Own Lease Agreement (the "Agreement") is made and entered into on [date], by and between [Landlord's Name], hereinafter referred to as the "Landlord," and [Tenant's Name], hereinafter referred to as the "Tenant."

Property Description:

The subject property covered under this Agreement is located at 3284 Buckhannan Avenue, Syracuse, NY 13202. The property is a charming single-family residence boasting the following features:

• Bedrooms: Three spacious bedrooms providing ample accommodation for a family or individuals.

• Bathrooms: Two full bathrooms, offering convenience and comfort for occupants.

• Square Footage: The property encompasses approximately 1,800 square feet of living space, ensuring plenty of room for various activities and lifestyles.

• Additional Features: The property includes a well-appointed kitchen, a cozy living room perfect for relaxation, a dining area ideal for family gatherings, and a fenced backyard offering privacy and outdoor enjoyment.

This property presents an inviting and comfortable living environment suitable for individuals or families seeking a place to call home.

Terms of Agreement:

1. Term: The initial term of this Agreement shall be [number] years, commencing on [start date], and terminating on [end date], unless extended or terminated earlier under the terms herein.

2. Rent Payment: The Tenant shall pay rent in the amount of [monthly rent amount] per month, due on the [day] of each month.

3. Rent Credits: A portion of the monthly rent payments shall be credited towards the purchase price of the property as outlined in the Option to Purchase section below.

4. Utilities and Maintenance: The Tenant shall be responsible for all utilities and routine maintenance of the property unless otherwise agreed upon in writing.

5. Condition of Property: The Tenant agrees to maintain the property in good condition, with reasonable wear and tear excepted, and to promptly notify the Landlord of any necessary repairs or maintenance issues.

Option to Purchase:

1. Purchase Price: The purchase price of the property shall be [purchase price], which shall be locked in for the duration of the Agreement.

2. Option Fee: In consideration for the option to purchase the property, the Tenant shall pay an option fee of [option fee], due upon execution of this Agreement.

3. Exercise of Option: The Tenant may exercise the option to purchase the property at any time during the term of this Agreement by providing written notice to the Landlord.

4. Rent Credits: Rent credits accumulated during the term of the lease shall be applied towards the purchase price of the property upon exercise of the option to purchase.

Maintenance and Repairs:

1. Tenant's Responsibilities: The Tenant shall be responsible for routine maintenance and minor repairs of the property, including but not limited to lawn care, pest control, and interior maintenance.

2. Landlord's Responsibilities: The Landlord shall be responsible for major repairs and structural maintenance of the property unless caused by negligence or misuse by the Tenant.

Insurance and Taxes:

1. Insurance: The Landlord is required to ensure that sufficient insurance coverage is maintained and kept in effect for the entirety of the property during the entire duration of this Agreement.

2. Taxes: The individual identified as the Landlord in this agreement shall carry the full responsibility for paying all property taxes that have been assessed or will be assessed in the future on the property under question.

Default and Remedies:

1. Tenant Default: In the event of Tenant default, including failure to pay rent or breach of any other term of this Agreement, the Landlord may pursue remedies as outlined by law, including eviction.

2. Landlord Default: In the event of Landlord default, including failure to maintain the property or provide essential services, the Tenant may pursue remedies as outlined by law, including termination of the Agreement.

Closing and Transfer of Title:

1. Closing Date: The closing date for the purchase of the property shall be mutually agreed upon by both parties and shall occur within [number] days of the Tenant exercising the option to purchase.

2. Transfer of Title: Upon closing, the Landlord shall transfer the title of the property to the Tenant by executing a deed conveying all rights, title, and interest in the property.

Additional Terms:

1. Assignment: This Agreement cannot be delegated or moved by either of the parties involved unless there is prior written approval obtained from the party who is not initiating the assignment or transfer.

2. Governing Law: The understanding and interpretation of this Agreement shall be directly influenced and controlled by the established laws of the specified State or Country. Regardless of any conflicting legal principles or laws that might exist, the regulations of the named State or Country will take precedence and guide the enforcement of this Agreement.

Signatures:

In witness whereof, the parties hereto have executed this Agreement as of the date first above written.

[Landlord's Name]

[Date Signed]

[Tenant's Name]

[Date Signed]

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