Once the rental portion of the contract has been agreed, the parties can meet to decide the terms of the tenant`s option for the purchase of the property. The tenant and the lessor negotiate the following: The language of the lease-sale generally has these conditions only on the condition that both parties enter into “good faith” in a sales contract. Lead-Based Paint Disclosure – Necessary to join the agreement if the property was built before 1978. Several articles are used to define the nature and details of the agreement. Once this agreement is duly signed, each party is expected to comply with the conditions imposed on it. Some of these items require clear information for participants and the property provided to them, so that they can be properly applied. Look for the first item, “1st rent,” and then continue in the total amount of money that the landlord expects to pay by the tenant during the year on the first empty line. Follow him by typing this annual rental amount digitally into the empty second line. Now we will consolidate the monthly amount of rent that the tenant must pay to the landlord during this lease. Write down how much money the tenant has to pay each month to the landlord on the empty surface according to the phrase “In monthly payments.” Be sure to indicate the monthly rent amount on the empty line after the dollar sign. In addition to the monthly rent, document the calendar day of the month when the landlord waits for the tenant`s monthly rent. As a rule, it is the 1st of the month.
The last information required in the first article is the amount of the deposit. Complete the statement “The tenant must pay a security deposit” with the written and digital dollar amount that the buyer/tenant must submit to the seller/tenant to rent the property. Note: The amount that this amount may be regulated by some states, make sure the amount of the bond is within its legal limit. The second article “2. Utilities ANd Services” addresses the issue of utilities and services required by the property. We will discuss here the question of which of these parties will be responsible for the supply and remuneration of which companies and services. This will be done in two areas. Fill in each utility and/or service for which the tenant is paid and maintained on empty lines during the tenancy agreement as “The tenant must pay immediately when due, all changes made to the establishment.” An example of these supply services would be gas, electricity, cable, landscaping, pool maintenance, etc. Similarly, in the space provided under the terms “the owner must provide at his own expense the following services or services”, list of any utility or service of the seller/lessor will organize and pay for throughout the life of this agreement. The third article, “3. Tenant agrees,” will provide the tenant with some additional obligations that he will have to meet when signing this document. Both parties should read and become familiar with this section.
If most options to buy leasing contracts, there is usually a serious money deposit is required. At that time, the landlord should be informed of the tenant`s intention to purchase the property either directly or through the owner`s broker.