The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
Virginia Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own A Virginia Lease or Rental Agreement of Personal Property with the option to purchase and own personal property, also known as a lease-to-own or rent-to-own agreement, provides individuals with the opportunity to lease or rent various types of personal property for a specified period while having the option to buy and become the owner of the property at the end of the lease term. This arrangement is particularly beneficial for individuals who may not have the financial means to purchase the property outright initially but want to eventually own it. Some common types of Virginia Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property include: 1. Virginia Lease or Rental Agreement with Option to Purchase Residential Property: This type of lease agreement allows tenants to rent a residential property, such as a house or apartment, with the option to buy it within a predetermined period, typically one to three years. The lease term provides tenants the time to assess the property and decide whether they wish to proceed with the purchase. 2. Virginia Lease or Rental Agreement with Option to Purchase Commercial Property: In this scenario, business owners or entrepreneurs can lease or rent commercial properties like offices, warehouses, or storefronts and have the option to buy the property in the future. This arrangement gives businesses the opportunity to test the suitability of the space for their operations before committing to a final purchase. 3. Virginia Lease or Rental Agreement with Option to Purchase Vehicles: This type of lease agreement enables individuals to lease vehicles, such as cars, trucks, motorcycles, or RVs, with the option to purchase them at the end of the lease term. This allows individuals to assess the vehicle's condition, performance, and suitability for their needs before making the decision to buy. 4. Virginia Lease or Rental Agreement with Option to Purchase Electronics and Appliances: This variation of a lease or rental agreement offers individuals the opportunity to lease or rent electronic devices, such as TVs, computers, smartphones, or appliances like refrigerators or washing machines, with the option to purchase them later. It allows individuals to enjoy the latest technology without committing to an immediate purchase. 5. Virginia Lease or Rental Agreement with Option to Purchase Furniture or Home Decor: This type of lease agreement is suitable for individuals who want to furnish a space or decorate their homes without the upfront cost of purchasing furniture or home decor items. Individuals can lease or rent furniture, artwork, rugs, or other decorative pieces, and have the option to buy them later if they decide to keep them permanently. It is important to note that the terms and conditions, including the lease duration, purchase price, and option exercise period, may vary depending on the specific type of personal property and the agreement between the lessor and lessee.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
