This form is used when Optionor grants and assigns the exclusive right and option, but not the obligation, to lease all or a portion of the Option Lands under the identical terms and conditions to purchase an Oil and Gas Lease on Lessor's undivided mineral interest in and under the lands covered in this lease.
Mississippi Option to Lease
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Multi-State
Control #:
US-OG-684
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Word;
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FAQ
During your tenancy, your landlord is also required to maintain the premises in a habitable condition. This means they must, among other things, comply with building and housing codes materially affecting health and safety, and maintain the unit in substantially the same condition it was in at the start of the lease.
For sellers, a lease option might make sense because it: Increases rental income: Because renters in a lease option pay above-market rent, landlords can earn more in rent than they would with other types of leases.
The renter has a chance to buy a property in the future at today's prices. If the renter doesn't have the money saved today to buy the home but is worried the home's value will increase in the next few years, the lease option is a good choice.
Stability is the key advantage of a lease. You're entitled to stay in your home through the duration of the contract. It's an ideal arrangement for someone who knows they want to stay in a place long-term. No rent increases.
Must be 21 years of age or 18 and married and your total annual income can not exceed the income limits as determined by the Department of Housing and Urban Development. Residents must have the ability to meet their obligations under the Lease Agreement.
Benefits of a Lease-Option The current owner retains the title, and thus the tax advantages of the property, during the option term. Even so, because the tenant/buyer's goal is to own the property, the tenant/buyer generally maintains the house in better condition that a typical tenant/buyer otherwise would.
The Cons of Rent-to-Own Requires a mortgage once the lease ends: While rent-to-own agreements allow you to prepare your finances to own a home, be aware that if you don't have a mortgage approved by the time the lease ends, then this can void the original agreement and leave you without a home.
No reason is required for the termination. However, if there is a set ending date for the lease, the lease cannot be terminated before that date by either landlord or tenant except in case of a breach such as non-payment by the tenant or failure to repair by the landlord.