The Tenant Wants an Option to Buy? ...
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Even though The LPA Lease represents many years of trial and error learning from very painful and expensive lessons and experiences with tenants, it has successfully saved us over and over again from serious tenant nightmares, and from losing a lot of money!
But, what about renting to tenants with the option to buy? (or "Contract for Deed") Lots of us have been burned in that situation.
- When you think you have a better tenant because he says he really wants to buy the property. You think because he talks about buying, he must be a higher quality tenant, right? (And you find out he's really not)
- When the prospect can't buy within the agreed term, but wants the downpayment / security deposit back?
- When you accept a tenant who doen't have extra money to put towards the purchase price but still wants to buy your property. Sometimes they say a family member is going to lend them money in the near future.
Sometimes it's a great idea to lease/option your property. You can get your property sold at the price you want, have less maintenance (since the tenant has almost an ownership interest in the home he's in the process of buying), have dependable rent payments, etc.
This form actually is an LPA Lease tailored for a Lease / Option scenario. It includes all Landlord Protection the LPA Lease does, plus the Purchase Option addition. Because it is already in word processor format for your convenience, you can easily add, delete or change items in the document to customize the lease to your exact needs.
That is why The LPA Lease with Purchase Option* protects landlords even while renting with the option to buy.
THE LPA LEASE with PURCHASE OPTION IS STATE SPECIFIC
We've customized The LPA Lease with Purchase Option to conform with each state's requirements! Just select your state when downloading!
If possible, this lease should be read and explained to the tenant in person. We find it to be more effective that way. After all, it is an instruction manual for how to be your tenant in your rental property.
Before turning over a valuable asset with a mere 1 or 2 month security deposit, make sure the tenants understand and agree to all your terms. You'd be surprised at how many people are so eager to just sign the lease without bothering to read it. You can get a real idea of what these people will be like as tenants by how they respond to the terms in your lease.
Whether you rent or sell your rental property, The LPA Lease with Purchase Option will be there for your protection.