A Miami-Dade Florida Contract for the Lease and Purchase of Real Estate — Purchase by Date or Leave, commonly referred to as a purchase agreement, is a legal document that outlines the terms and conditions between a buyer and seller for the lease and eventual purchase of a property in Miami-Dade County, Florida. This contract is primarily used when individuals are interested in leasing a property with an option to purchase it by a specified date or walk away from the agreement. The Miami-Dade Florida Contract for the Lease and Purchase of Real Estate — Purchase by Date or Leave typically includes the following key elements: 1. Parties involved: The contract identifies the parties entering into the agreement, namely the buyer (also referred to as the lessee) and the seller (also referred to as the lessor), along with their respective legal addresses. 2. Property details: The contract provides a detailed description of the property being leased and potentially purchased. This includes the property's address, legal description, and any known limitations or encumbrances. 3. Lease terms: The contract specifies the duration of the lease, including the start and end dates, as well as the rental amount and frequency of payments. It may also cover additional aspects such as utilities, maintenance responsibilities, and any specific rules or restrictions. 4. Purchase option: One of the fundamental components of this contract is the inclusion of a purchase option. This provision allows the buyer/lessee to exercise their right to purchase the property by a specified date. The contract outlines the terms of the purchase, including the sale price, any applicable credits or deposits, and the manner in which the purchase will be financed. 5. Lease purchase timeline: The contract establishes a timeline within which the buyer/lessee must exercise their purchase option. This timeline may include specific dates, such as the timeframe for providing notice of intent to purchase, arranging financing, and closing the transaction. 6. Default and termination: The contract defines the consequences of default by either party, including potential financial penalties, termination rights, or remedies available to the non-defaulting party. 7. Legal and binding agreement: To ensure the enforceability of the contract, it includes a clause stating that the agreement is legally binding and can only be modified in writing by both parties. Different variations or types of Miami-Dade Florida Contracts for the Lease and Purchase of Real Estate — Purchase by Date or Leave may exist, but the core elements mentioned above will typically be present in all contracts of this nature. It is essential for both the buyer/lessee and the seller/lessor to carefully review and understand the terms and conditions before entering into such an agreement to protect their respective rights and interests.
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.