Lease with Option to Purchase

Lease with Option to Purchase

A lease option agreement sets up all the essential terms of a lease or rental agreement between a landlord and tenant, and gives the tenant the option to purchase the apartment or house as long as certain conditions are fulfilled.
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When to use a lease option agreement
  • Checkmark To preserve the tenant's right to purchase the rental property
  • Checkmark To indicate any rules that will apply throughout the lease
  • Checkmark To provide specific disclosures as required by law or regulation
  • Checkmark To have a written agreement defining the lease's most important terms

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Avoid misunderstandings

By having a written agreement, all parties will have clear and reasonable expectations.

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Attract quality tenants

Define precise parameters and requirements that must be met by all potential tenants.

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How to create a lease option agreement in 3 steps

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1
Gather Information

Start with gathering basic information about the lease, including party information, when the agreement will begin and end, and rent and security deposit amounts. Also, now is a good time to address any special maintenance or repairs that will be needed for the unit. Consider using a rental application to collect this information from your potential tenant or subtenant.

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Answer Key Questions

Use the information you collected to complete your lease option agreement. We make this easy by guiding you each step of the way and helping you to customize your document to match your specific needs. As you answer certain questions, the document will adjust to accommodate your needs.

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3
Review and Sign

Always read your document thoroughly to ensure it contains everything you need and is free of errors. In any case, once you finish creating your document, you will be able to alter it as much as you like in Microsoft Word. However, if you do not need to make any changes, you can simply download the PDF version and have the parties sign the agreement.

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Help Guide

Table of contents

A good lease agreement should provide the parties with clarity, predictability, and solid legal protection for each part of the rental process. Review this guide for an overview of the main terms and options of a lease with option to purchase.

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