This package contains the forms that are necessary for sellers and purchasers to enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand. With this package, you will find the essential forms to assist you in successfully entering into and executing a commitment to purchase or sell real property. The documents in this package include the following:
1) Contract for Lease and Mandatory Purchase of Real Estate-Specific Performance Clause;
2) Contract for Lease and Purchase of Real Estate- Purchase by Date or Leave;
3) Personal Guaranty of Contract for the Lease and Purchase of Real Estate; and
4) Residential Real Estate Sales Disclosure Statement.
Purchase this package and save up to 30% over purchasing the forms separately!
Fulton, Georgia Lease Purchase Agreements Package refers to a comprehensive set of legal documents and provisions that facilitate a specific type of property transaction in Fulton County, Georgia. Lease Purchase Agreements, also commonly known as rent-to-own agreements, are designed to allow prospective buyers to lease a property with an option to purchase it in the future. The Fulton, Georgia Lease Purchase Agreements Package includes a variety of relevant documents that outline the terms, conditions, and obligations of both the tenant and landlord, as well as the specific details governing the lease and purchase option. These agreements typically consist of the following components: 1. Lease Agreement: This document establishes the terms of the lease, including the duration, monthly rent, security deposit, maintenance responsibilities, and other essential clauses. 2. Purchase Agreement: This outlines the terms and conditions for the eventual purchase of the property, including the purchase price, down payment, closing date, and any contingencies. 3. Option Agreement: This provides the tenant with an exclusive option to purchase the property. It specifies the duration of the option period, the purchase price, and any conditions or fees associated with exercising the option. 4. Property Condition Assessment: This document records the condition of the property at the beginning of the lease and serves as a reference for any potential disputes related to damages or wear and tear. 5. Disclosures: Fulton, Georgia Lease Purchase Agreements Package may include various disclosures required by law, such as lead-based paint disclosure, property condition disclosure, or any other relevant disclosures mandated by state or local regulations. It is important to note that there may be different types or variations of the Fulton, Georgia Lease Purchase Agreements Package, depending on individual preferences or specific lenders' requirements. Some common variations may include: 1. Lease Purchase Agreements with Fixed Purchase Price: These agreements stipulate a predetermined purchase price that remains constant throughout the lease term, providing stability in terms of future purchase costs. 2. Lease Purchase Agreements with Adjustable Purchase Price: These agreements allow for adjustments in the purchase price based on certain factors such as market conditions, property appraisals, or agreed-upon formulas. 3. Lease Purchase Agreements with Rent Credits: In these agreements, a portion of the monthly rent is credited toward the eventual down payment or purchase price, providing an incentive for the tenant to proceed with the purchase. 4. Lease Purchase Agreements with Seller Financing: This type of agreement involves the seller providing financing options to the tenant-buyer, eliminating the need for traditional mortgage lenders. Whether opting for a fixed or adjustable purchase price, incorporating rent credits or seeking seller financing, Fulton, Georgia Lease Purchase Agreements Package offers a flexible and accessible pathway to homeownership for individuals who may not currently meet the requirements for traditional mortgage financing. It is crucial to consult with legal professionals or real estate experts familiar with Fulton County laws before entering into any lease purchase agreement.
