This is a residential lease form for use in your State. This lease is designed for a specific term such as 1 or more years, 6 months, etc. It contains many provisions, some of which you may desire to modify depending on your agreement with your tenant. You should use this form as a guide and modify it to suit your needs.
Indiana Lease Agreement With Option To Purchase
State:
Indiana
Control #:
IN-864LT
Format:
Word;
Rich Text
Instant download
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How to fill out Indiana Residential Rental Lease Agreement?
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A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.
Sellers agreeing to lease option deals arguably have more to lose than buyers. If house prices rise they're likely to regret agreeing a price at the time the option was taken out. If prices fall there's a risk the buyer or investor will not exercise their option to buy, and they'll still be stuck with the property.
Unlike a sale agreement with seller financing, a lease-option allows the owner to continue to receive tax deductions as the owner. Interest, taxes, maintenance and depreciation may still be deducted against the rent received.
How to create a lease agreementCollect each party's information.Include specifics about your property.Consider all of the property's utilities and services.Know the terms of your lease.Set the monthly rent amount and due date.Calculate any additional fees.Determine a payment method.Consider your rights and obligations.More items...
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. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
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In a rent-to-own agreement, the title to the house remains with the landlord until the tenant exercises the option and purchases the property. The Indiana lease to own agreement functions as an instrument to record the information concerning the rental of a home with a granted option to purchase.An option is an offer that binds the optionor to sell, but does no. A lease option allows renters the opportunity to purchase the building at the end of the lease. A lease agreement with option to purchase This contract gives you the right—but not the obligation—to buy the home at the end of your lease. The tenants'rights below apply to all renters in the State of Indiana.