This Lease to Own Agreement (the “Agreement”) is entered into as of [Effective Date] by and between [Seller/Landlord] (“Seller”) and [Buyer/Tenant] (“Buyer”).
1. Property
The property is located at [Property Address] (the “Property”).
2. Lease Term and Rent
Buyer will lease the Property for [Lease Term] at [Rent Amount] per [Month], due on [Due Date].
3. Option to Purchase
Buyer has the option to purchase the Property for [Purchase Price] on or before [Option Date]. Exercise of the option requires written notice and payment of [Option Fee].
4. Rent Credits
[Rent Credit Amount] of each rent payment will be credited toward the purchase price, subject to timely payment.
5. Maintenance and Repairs
Responsibilities are allocated as follows: [Details]. Buyer will maintain the Property in good condition.
6. Default
Failure to pay rent or comply with this Agreement constitutes default. Seller may terminate after [Notice Period] days’ notice if not cured.
7. Closing
If the option is exercised, the Parties will close within [Closing Period] days and execute standard closing documents.
8. Governing Law
This Agreement is governed by the laws of [Governing Law Jurisdiction].
9. Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the remaining provisions will continue in full force and effect. The Parties will negotiate in good faith to replace any invalid provision with a valid provision that achieves the original intent.
10. Entire Agreement
This Agreement constitutes the entire understanding between the Parties and supersedes all prior negotiations, understandings, and agreements. No representations or statements not contained in this Agreement will be binding.
11. Amendment
This Agreement may only be amended or modified by a written document signed by both Parties.
12. Waiver
No waiver of any provision of this Agreement will be deemed or will constitute a waiver of any other provision, nor will any waiver constitute a continuing waiver unless otherwise expressly stated.
13. Assignment
Buyer may not assign this Agreement without Seller’s prior written consent.
Seller/Landlord:
Name: [Name]
Title: [Title]
Date: [Date]
Buyer/Tenant:
Name: [Name]
Title: [Title]
Date: [Date]
Disclaimer
This template is provided for informational purposes only and does not constitute legal advice. Contraxly is not a law firm and does not provide legal services. You should consult a qualified attorney to obtain advice tailored to your situation. Use of this template is at your own risk, and no liability is accepted for its use.
