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Agreement to Lease Commercial Property with Option to Purchase at End...

Suffolk New York Agreement to Lease Commercial Property with Option to Purchase at End of Lease Term - Rent to Own - Real Estate Rental

Name: Suffolk New York Agreement to Lease Commercial Property with Option to Purchase at End of Lease Term - Rent to Own - Real Estate Rental
Brand: US Legal Forms
Rating: 4.58 (237 reviews)

Category:

Real Estate - Leases

State:

Multi-State

County:

Suffolk

Control #:

US-00836BG

Format:

Instant download

Description

This form is a sample of a commercial lease of real property which contains an option to purchase the property at the end of the term. This lease is a triple net lease which means that the lessee pays, in addition to rent, all expenses associated with the property such as property taxes, insurance and maintenance and operation charges. Triple net leases are commonly used in commercial properties, such as shopping malls and apartment buildings.

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How to fill out Suffolk New York Agreement To Lease Commercial Property With Option To Purchase At End Of Lease Term - Rent To Own - Real Estate Rental?

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FAQ

A real estate purchase option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property. Once a buyer has an option to buy a property, the seller cannot sell the property to anyone else. The buyer pays for the option to make this real estate purchase.

An option is an enforceable contract in which the optionor (seller) gives the optionee (buyer) the right to purchase the property before a determined time for a stated price and terms. List four things an option does to the advantage of the optionee.

An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.

Pros and cons of leasing From a cash flow perspective, leasing can be more attractive than buying. And leasing does provide some tax benefits: Lease payments generally are tax deductible as ordinary and necessary business expenses.

Define an option-to-buy. An option is an enforceable contract in which the optionor (seller) gives the optionee (buyer) the right to purchase the property before a determined time for a stated price and terms.

In real estate, a purchase option assures the option holder of the right to purchase property1 at a certain price within a certain time period but without an obligation to do so. It ensures that the land won't be sold or developed during the option period.

An option contract has two elements: 1) the underlying contract which is not binding until accepted; and 2) the agreement to hold open to the optionee the opportunity to accept. In addition, an option contract requires consideration.

The fundamental difference between an Option and a Right of First Refusal is that an Option to Buy can be exercised at any time during the option period by the buyer. With a Right of First Refusal, the right of the potential buyer to complete the transaction is triggered only if the seller wants to complete a sale.

When a tenant comes along who seems like a potential buyer, putting a purchase option in the original lease might pay off for you. Once you put the offer on the table, your tenant can use a Notice of Exercise of Option to Purchase to take you up on it. If you're a tenant, you're under no obligation to purchase.

No matter the format, an option to purchase must: 1) state the option fee, 2) set the duration of the option period, 3) outline the price for which the tenant will purchase the property in the future, and 4) comply with local and state laws.

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You have the legal right to live in a home that is safe and healthy. A lease is a written agreement between a landlord and a tenant that contains the terms and conditions of the rental.These agreements allow a potential buyer to occupy the seller's property for a period of time before completing the sale. Rent reviews in accordance with the terms of the lease. Residential Rental Property: applicants must provide a lease or rental agreement. b. Homeowners: purchase and sale agreement. c. View details, map and photos of this condo property with 0 bedrooms and 1 total baths. Property Description: End Unit. As a tenant I am financially stable, reliable, honest and easy to deal with. I pay my rent on time and keep a quiet and clean space.

I pay utilities and all the associated fees. All of our electrical and plumbing needs are in good repair. The living room is large enough to comfortably entertain 6 to 7 people. We have plenty of storage space and a spacious kitchen with high storage cabinets (12″-1″ deep). I maintain and repair all of my own appliances and do a full load of laundry. I am very communicative and easy to get along with. We have not had any significant home damage such as accidents, falls or other serious problems. I am responsible and honest with the homeowners insurance and the county. The condo association has been very helpful in helping me obtain a loan. The condo itself is relatively safe and well maintained… I'm happy to list my unit here on Zillow. I am currently paying 1,942.80/month and will be paying 1,980.00/mo. (3.15%/month) to a 3.75% ARM, for a total of 7,936.80/mos. (8.95%/year) with a 15-year 20-percent down payment, as of 7/13/13. Interest has been calculated at 8.5%/mo.

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Suffolk New York Agreement to Lease Commercial Property with Option to Purchase at End of Lease Term - Rent to Own - Real Estate Rental

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How to fill out Suffolk New York Agreement To Lease Commercial Property With Option To Purchase At End Of Lease Term - Rent To Own - Real Estate Rental?

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FAQ

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