The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
Bexar Texas Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property — Lease or Rent to Own is a legally binding contract that allows individuals to lease or rent various types of personal property with the option to purchase and eventually own the property. This agreement is specific to Bexar County in Texas, ensuring compliance with local laws and regulations. Different types of Bexar Texas Lease or Rental Agreement of Personal Property with Option to Purchase and Own include: 1. Residential Lease or Rental Agreement: This type of agreement applies to personal property, such as a house, apartment, or condominium, that is being leased or rented with the option to purchase and own the property. 2. Vehicle Lease or Rental Agreement: This agreement pertains to personal property, specifically vehicles like cars, trucks, motorcycles, or recreational vehicles (RVs), which can be leased or rented with the option to purchase and own the property. 3. Equipment Lease or Rental Agreement: This type of agreement covers personal property like machinery, tools, electronics, or other equipment that can be leased or rented with the option to purchase and own the property. 4. Furniture Lease or Rental Agreement: This agreement is applicable to personal property such as sofas, tables, chairs, beds, appliances, or other furniture items that can be leased or rented with the option to purchase and own the property. 5. Electronics Lease or Rental Agreement: This agreement encompasses personal property like televisions, computers, smartphones, gaming consoles, or other electronic devices that can be leased or rented with the option to purchase and own the property. Regardless of the specific type of personal property being leased or rented, the Bexar Texas Lease or Rental Agreement of Personal Property with Option to Purchase and Own outlines important details, including the duration of the lease or rental period, monthly payments, security deposits, maintenance responsibilities, insurance requirements, option purchase price, and conditions for exercising the option to purchase and own the property. It is crucial for both parties to thoroughly understand and comply with the terms and conditions stated in the agreement to ensure a smooth and legal transaction.
