Getting Into the Lease with an Option Agreement
Getting into the Free Printable Lease with option template is a flexible agreement which benefits both buyers and sellers. The option is to buy within the lease period if both the parties agree mutually. It is not possible for the owner to find a buyer at the right time; same for the tenant who wants to buy but is short of funds. They save brokerage as well if they agree to the transaction. It is also known as Rent to Own Agreement Form and Rent to Own Contract.
How does the lease with option works?
Within the period of contract if the lessee wants to buy the property he can have an option to buy it. The rent which he has already paid can be included in the total cost of the assets.
If the lessee doesn’t have the intent to buy
Sometimes due to financial constraint or if the stay is uncomfortable the tenant might not have the intent to buy. In such cases, the lease ends successfully, and the money that has been put forward with intention to buy gets sacrificed. Nevertheless, he is saved of a bad investment or else does not suffer financial burden.
Important points in the lease with an option-
- The percentage of rent applied to the price of the home.
- The cost of the buying property.
- There should be an option, not an obligation to buy it.
When entering into the free printable lease with option template is so flexible and can be manipulated seeking legal guidance is advisable. However, in the current scenario, this agreement saves a lot of time and effort of the seller and the buyer as well.