Lease Purchase Contract

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fehati
The board of education of the city of long branch in the county of monmouth, new jersey bid for lease purchase financing, opening: 1:00 p.m., april 12, 2016, the board of education of the city of long branch in the county of monmouth, new jersey...
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What is a lease purchase contract?

A lease purchase contract, also known as a rent-to-own contract, is a legal agreement between a landlord and a tenant. This type of contract allows the tenant to rent a property with the option to purchase it at a later date. It is a popular option for individuals who may not be able to afford a large down payment or qualify for a mortgage.

What are the types of lease purchase contract?

There are two main types of lease purchase contracts: lease-option and lease-purchase. In a lease-option contract, the tenant has the option to purchase the property at the end of the lease term, but is not obligated to do so. On the other hand, a lease-purchase contract requires the tenant to purchase the property at the end of the lease term. Both types of contracts typically involve the payment of an option fee and a portion of the rent being applied towards the purchase price.

Lease-option contract
Lease-purchase contract

How to complete a lease purchase contract

Completing a lease purchase contract is a straightforward process. Here are the steps involved:

01
Identify the parties involved: Include the names and addresses of both the landlord and the tenant.
02
Specify the property details: Provide a detailed description of the property being leased, including the address and any specific terms or conditions.
03
Outline the lease terms: Clearly state the duration of the lease, the monthly rent amount, and any additional charges or fees that may apply.
04
Include the purchase option: If applicable, outline the terms of the purchase option, including the purchase price and any option or down payment fees.
05
Review and sign the contract: Ensure that both the landlord and the tenant review the contract carefully, making any necessary amendments, and then sign it in the presence of a legal witness.
06
Keep copies of the contract: It is important for both parties to keep copies of the signed contract for reference.

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