The Indiana lease to own agreement functions as an instrument to record the information concerning the rental of a home with a granted option to purchase. The prepared arrangement assists in documenting the duties and permissions gained by the tenant in exchange for a predetermined monthly stipend. The written account details the provisions to the contract and defines the involved parties, the property, the necessary payments, security deposit, and premises policies. Contained in the paperwork is precise language establishing the offer to purchase the dwelling once the leasing period has come to an end.
Outlined in various paragraphs are specifications of how the option will be employed by the lessee should they decide to exercise it. There is designated space to input the fee for the option and the time frame in which it must be considered and accepted. The form presents a portion of the record to display an agreeable purchase price that will be submitted for consideration by the tenant upon lease termination. For those circumstances where the option is selected for a purchase, negotiation can begin to arrange the sale. This next phase in the transaction is generally performed with a residential purchase agreement and can be organized with or without the help of a licensed real estate professional.