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Example of a Lease Option In this case, the buyer-tenant pays an extra 3% of the total house price as a fee for the lease option. They also pay a premium on their monthly rent. They then have the option to buy the house they currently live in two years in the future at current market prices.

What is a lease-option-to-buy? A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.

A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it.

The declaration of value is a document that must accompany any deed presented for recording. NRS 375.060 is the statute that pertains to this requirement and may not be waived. There are some documents that do transfer an interest in real property but are defined in statute as non-taxable.

NRS 118.175 requires the landlord to re-rent the dwelling unit after you vacate and prohibits the collection of double rent(from you and the new tenant). The landlord can charge actual damages incurred until the dwelling is re-rented.

Provide names, addresses and telephone numbers of any witnesses to the events described in your complaint. Provide substantiating documentation when possible. You may hand deliver or mail your completed complaint form and attachments to the Compliance Section at the Nevada Real Estate Division.