Updated on December 16th, 2020
The Florida lease to own agreement executes a commitment that gives an individual (lessee) the right to use of a residence, in exchange for conveyed compensation to a property owner (lessor). This specific leasing document additionally procures an option to purchase the home upon the termination of the rental period. The paperwork serves to organize the information on the owner, tenant, and property, providing respective names, addresses, and contact information. The provisions of the contract cover the term of the lease, date of termination, payment schedule, utilities, property rules, and policies.
The affixed option grants the tenant the right of first refusal once the lease term has come to an end. Stipulated in the paperwork’s clauses are the explicit manner in which the possibility of purchase of the real estate will take place. The contract denotes an agreed-upon acquisition price of the dwelling, time period to take advantage of the offer, along with closing and financing considerations. As soon as all participating parties have endorsed, the document becomes a legally binding accord.