This is a lease with an option to purchase the premises described in the form. The parties acknowledge that speculation of availability of financing, purchase costs, and lender's prepayment penalties is impossible. Therefore, the parties agree that these items will not be conditions of performance of this Agreement and the parties agree they have not relied upon any other representations or warranties by brokers, sellers, or other parties.
Mesa Arizona Lease with Option to Purchase - Lease or Rent to Own
State:
Arizona
City:
Mesa
Control #:
AZ-LT-10
Format:
Word;
Rich Text
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FAQ
Generally, Arizona courts have strictly construed options in lease agreements because such provisions allow the optionee freedom to exercise or not exercise the option, whereas the optionor is bound by the option.
A lease option is a legal agreement that allows you to control a property and generate income from it, with the right (but not the obligation) to buy it later. .
A lease is a contract outlining the terms under which one party agrees to rent an asset?in this case, property?owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.
Advantages of Lease Purchases for Tenants and Sellers Advantages for TenantsAdvantages for SellersTime to qualify for a mortgageIncreased return on investmentTime to save for a down paymentLocked-in sale priceDon't have to move when lease endsAttracts responsible tenantsPersonal investmentKeeps home in good condition
The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.
A written lease agreement must contain: The names and addresses of both parties; The description of the property; The rental amount and reasonable escalation; The frequency of rental payments, i.e. monthly; The amount of the deposit; The lease period; The notice period for termination of contract;
A lease option agreement is a property contract that allows you to take control and profit from a property. With the option to purchase that home for a predetermined price in the future. To enter into this type of contract, you'll agree to pay a monthly lease to the owner. As well as an upfront fee for the contract.
So, a 5 year lease with a 5 year renewal option is a 10 year commitment by the landlord. This limits the value of the property to a market cap rate applied to existing rental income, which is often less than the value of a vacant building sold to an owner/user buyer.
To make money with a lease option the investor must find a renter to pay more than the amount the investor agreed to with the property owner. For example, if the investor agreed to pay $1500 each month but finds a tenant to pay $1800 each month, the investor makes a monthly income of $300 for the property.