Residential Lease Agreement with Purchase Option

Sample Partial Preview of Residential Lease

RESIDENTIAL LEASE

WITH OPTION TO PURCHASE

THIS RESIDENTIAL LEASE AGREEMENT MADE and entered into on this _____ day of ___________, ______ by and between _______________________________________________, hereinafter called Lessor, and _____________________, hereinafter called Lessee, hereby leases to Lessee, his/her heirs or assignees, the premises situated in the city of _______________, County of ____________, State of _______, legally described as________________________________________________, with the street address of______________________________________________________________________________ upon the following terms and conditions:

1. Option to Purchase: 

In consideration of the Lessee meeting all obligations as stated herein under this lease, the Lessor hereby grants the Lessee an option to purchase under the following terms and conditions:

a. The option price is ______________________________________________________. The terms of purchase will be: _______________________________________________.

b. Lessee understands that time is of the essence in this agreement. The option will expire

without notice and be of no further effect if not exercised on or before ______________, ______.

c. Lessee has paid the sum of $_____________ as a non-refundable option consideration which will be applied toward the purchase price of the property if, and only if, Lessee exercises this option to purchase. In the event Lessee fails to exercise the option or defaults under any terms of the lease, the option will be void and all monies will be retained by Lessor as liquidated damages and not as a penalty.