The residential lease with an option to purchase agreement is a well-known contract in the real estate business. This type of agreement gives the individual renting the property the right to purchase the residence at any time during the course of the lease. In order to put this into effect, the landlord/seller and tenant/buyer must arrange the rental aspect of the transaction, determine the start & expiration date of the purchase option, and establish an acquisition price for the property. After settling upon the details, the signature section must be executed in order to finalize the deal.
Rental Application – When approached by individuals interested in leasing a property, the landlord/owner will usually distribute this form for the purpose of acquiring their personal information to run a background check on their criminal past, credit history, and current employment.