The Collin Texas Contract for the Lease and Purchase of Real Estate — Purchase by date or leave is a legal document that outlines the terms and conditions for leasing and purchasing real estate in Collin County, Texas. This contract is used when a potential buyer wants to lease a property with the option to purchase it by a specified date or leave the premises without further obligation. The contract typically includes details such as: 1. Parties Involved: The contract identifies the parties involved in the transaction, including the landlord/property owner and the tenant/potential buyer. 2. Property Description: The contract provides a detailed description of the property being leased/purchased. This includes the address, boundaries, and any specific features or amenities. 3. Lease Period: The contract specifies the duration of the lease agreement, including the start and end dates. It outlines the terms of the lease, such as the monthly rent, security deposit, late payment penalties, and any utility or maintenance responsibilities. 4. Purchase Option: The contract includes a provision granting the tenant the right to purchase the property within a specified time frame (purchase by date). It establishes the purchase price or a method for determining it (e.g., fair market value at the time of purchase). Additionally, terms for exercising the purchase option, such as notice requirements and any applicable fees, are often included. 5. Maintenance and Repairs: The contract outlines the responsibilities of both parties for maintaining the property, including repairs and upgrades. It may specify who bears the expenses for necessary repairs or improvements during the lease period. 6. Non-Refundable Option Fee: In some instances, a non-refundable option fee is required to secure the purchase option. This fee may be credited toward the purchase price if the tenant exercises the purchase option within the specified time frame. Types of Collin Texas Contract for the Lease and Purchase of Real Estate — Purchase by date or leave: 1. Residential Lease with Purchase Option: This contract is used when an individual or family wants to lease a residential property with the option to purchase it at a later date. It includes specific terms for residential tenancy, such as provisions for pets, parking, or other relevant factors. 2. Commercial Lease with Purchase Option: This contract applies to commercial properties and businesses. It includes clauses and terms tailored to meet commercial leasing requirements and considerations. In conclusion, the Collin Texas Contract for the Lease and Purchase of Real Estate — Purchase by date or leave is a legally binding document that allows tenants the flexibility to lease a property with an option to purchase it by a specified date. Different types of contracts exist depending on the nature of the property being leased and the purpose of the lease agreement, such as residential or commercial properties.
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.