LEASE TO OWN HOME CONTRACT
This Lease to Own Home Contract ("Contract") is made and entered into on [Date], by and between [Your Name], residing at [Your Company Address] ("Landlord/Seller"), and [Tenant/Buyer's Name], residing at [Tenant/Buyer's Address] ("Tenant/Buyer").
1. Property
1.1 The individual who is the Landlord or Seller in this agreement hereby makes a binding commitment to lease or potentially sell the property, described in subsequent clauses, to the party identified as the Tenant, or the prospective Buyer.
Property Address: 123 Main Street, Anytown, USA
Description of Property: A single-family residential property consisting of three bedrooms, two bathrooms, a kitchen, a living room, and a backyard.
Term of Lease: 12 months
2. Lease Term
2.1 The term of the lease is set to begin on the 1st of May, 2050. It will carry on and remain in effect for five years. However, there is a provision that allows for the lease to be terminated before the conclusion of the five years if certain conditions, which are outlined in the terms of this Contract, are met.
3. Option to Purchase
3.1 The individual or party acting as the tenant or potential purchaser of the property summarized within this document shall possess the sole and unique opportunity, also known as an option, to buy the aforementioned property at any point during the span of the lease term. This, however, is subject to the condition that:
Purchase Price: The purchase price for the property shall be $900,000.
Option Fee: The Tenant/Buyer has paid the sum of $5,000 as consideration for the option to purchase.
Exercise of Option: The Tenant/Buyer must notify the Landlord/Seller in writing of their intent to exercise the option to purchase.
4. Rent Payments
4.1 The individual who is serving as the tenant or buyer, as dictated by the circumstances of the agreement, hereby explicitly agrees to transfer a sum of $15,000 to the landlord or seller, under the understanding that this payment effectively functions as rent. This amount has been agreed upon to be compensated each month specifically, due on the very first day of each new monthly period.
5. Maintenance and Repairs
5.1 The individual who is identified as the tenant or buyer is obliged to take charge of all ordinary upkeep and rectifications needed for the property while the lease agreement is in effect. This responsibility spans multiple housekeeping tasks, such as general landscaping which includes lawn care and ensuring the removal of snow during winter months. Additionally, the tenant or buyer must address smaller repairs and faults that may arise during the lease term. These tasks are all part of routine maintenance and need to be taken care of by the tenant or buyer, along with any other similar obligations the lease terms may imply.
6. Condition of Property
6.1 The individual or entity acting as the Landlord and/or Seller hereby expressly represents and gives a guarantee that, at the opening phase of the lease term, the property in question is in a state of good condition, proper functioning, and has been effectively repaired. This assessment, however, takes into account any level of deterioration or changes that could be reasonably expected as a result of ordinary use and the passage of time, commonly referred to as normal wear and tear.
7. Governing Law
7.1 This Contract shall be governed by and construed under the laws of [Jurisdiction].
IN WITNESS WHEREOF, the parties hereto have executed this Lease to Own Home Contract as of the date first above written.
[Your Name] (Landlord/Seller)
[Date Signed]
[Tenant/Buyer's Name]
[Date Signed]
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