What is a Residential Lease Agreement with Option to Purchase?
A Residential Lease Agreement with Option to Purchase is very similar to a Residential Lease Agreement. The same requirements for the writing, including the name of the parties, description of the property, rental term, etc. must all be included in Residential Rental Contract with Option to Buy. The major difference between a Residential Lease Agreement with Option to Purchase and a Residential Lease Agreement is that the landlord, also known as owner or lessor, has included in the contract, a provision allowing the renter, also known as tenant or lessee an option to purchase the property being rented for a specific price at a pre-determined time.
Related Questions
- If an agreement includes a bargain purchase option, but the lessee is not required to exercise this option, does the agreement still constitute a lease for New Jersey sales tax purposes?
- Who gets the tax write off during the lease purchase agreement?
- How does a Purchase Option affect the Lease Agreement?
