Docstoc

Nevada Lease to Purchase Option Agreement

Document Sample
Nevada Lease to Purchase Option Agreement Powered By Docstoc
					Docstoc Legal Agreements




                             This Lease to Purchase Option Agreement is used where a lease of real property offers the
                             lessee an option of purchasing the premises at a specified time, for a pre-determined price.
                             The agreement requires the lessee to provide the lessor with option consideration, similar
                             to a down payment, which secures the property for purchase at a later date. The lessor is
                             prohibited from listing the property for sale during the contract period. If the lessee wishes
                             to exercise the option, he or she must notify the lessor, and a portion of the monthly lease
                             payment is applied to the purchase price. This agreement is useful for property owners
                             located in Nevada to sell property to buyers with bad credit or who cannot obtain home
                             financing.
             ®




                           DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR
                           OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you or your
                           attorney to meet your specific needs and the laws of your state. Use at your own risk. Docstoc, its employees or contractors who wrote or modified any
                           form, are NOT providing legal or any other kind of advice and are not creating or entering into an Attorney-Client relationship. The information and forms
                           are not a substitute for the advice of your own attorney. Use of this document and our service are deemed to be your acknowledgement and agreement to
                           the following: The disclaimers and links on this page and the back page(s); our Terms of Service (http://www.docstoc.com/popterm.aspx?page_id=15), and
                           read more here (http://www.docstoc.com/popterm.aspx?page_id=114) for additional disclaimers and more. You also agree that if you are not the person
                           using the document and services that you will provide such person(s) who will be with these front and back disclaimer pages. This document is not
                           approved, endorsed by, or affiliated with any State, or governm ental or licensing entity.
                           Entire document copyright © Docstoc®, Inc., 2010 - 2013. All Rights Reserved
                      LEASE TO PURCHASE OPTION AGREEMENT

This Lease to Purchase Option Agreement (“Lease”) is made on ____ [Month] ____ [Date],
20____ by and between ________________________________ [Instruction: Insert the name
of Lessor](hereinafter termed as the “Lessor”) and ________________________________
[Instruction: Insert the name of Lessee](hereinafter termed as the “Lessee”). The Lessor and
the Lessee may individually be referred to as the “Party” and collectively be referred to as the
“Parties”.

WHEREAS, the Lessor is the sole owner of certain real property being, lying and situated at
[Instructions: Insert address of Premises]

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
(hereinafter termed as the “Premises”) agreed upon the following terms and conditions:

1. Option to Purchase. In consideration of the Lessee meeting all obligations as stated herein
   under this Lease, the Lessor hereby grants the Lessee an “Option to Purchase”.

2. Lease Term. Lessee understands that time is of the essence in this Lease. The Lease will
   start on ____ [Month] ____ [Date], 20____ and will end on ____ [Month] ____ [Date],
   20____.

3. Notice Required Exercising Option. To exercise the Option to Purchase, the Lessee must
   deliver to the Lessor written notice of Lessee’s intent to purchase. In addition, the written
   notice must specify a valid closing date. The closing date must occur before the original
   expiration date of the Lease Agreement, or the date of the expiration of the Lease designated
   in Paragraph 2, whichever occurs later.

4. Option Consideration. As consideration for this Lease, the Lessee shall pay the Lessor a
   non-refundable fee of ________ ($___) [Instruction: Insert the consideration amount, e.g.,
   Fifty dollars ($50)], receipt of which is hereby acknowledged by the Lessor. This amount
   shall be credited to the purchase price at closing if the Lessee timely exercises the Option to
   Purchase.

5. Purchase Price. The total purchase price for the Premises is _______ ($______)
   [Instruction: Insert the consideration amount, e.g., Fifty thousand dollars ($50,000)].
   Provided that the Lessee timely executes the Option to Purchase, is not in default of the
   Lease, and closes the conveyance of the Premises, Lessor shall credit towards the purchase
   price at closing the sum of _____ ($______) [Instruction: Insert the closing amount, e.g.,
   Fifty dollars ($50)] from each monthly lease payment that the Lessee timely made.
   However, the Lessee shall receive no credit at closing for any monthly lease payment that the
   Lessor received after the due date specified in the Lease.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not               2
6. Remedies upon Default. If the Lessee defaults under this Lease, then in addition to any
   other remedies available to the Lessee at law or in equity, the Lessor may terminate this
   Option to Purchase by giving written notice of the termination. If terminated, the Lessee shall
   lose entitlement to any refund of rent or option consideration. For this Lease to be
   enforceable and effective, the Lessor must comply with all terms and conditions of the Lease.

7. Lease Payment. Lessee agrees to pay to the Lessor as rent 
				
DOCUMENT INFO
Shared By:
Tags:
Stats:
views:80
posted:12/8/2011
language:English
pages:6
Description: This Lease to Purchase Option Agreement is used where a lease of real property offers the lessee an option of purchasing the premises at a specified time, for a pre-determined price. The agreement requires the lessee to provide the lessor with option consideration, similar to a down payment, which secures the property for purchase at a later date. The lessor is prohibited from listing the property for sale during the contract period. If the lessee wishes to exercise the option, he or she must notify the lessor, and a portion of the monthly lease payment is applied to the purchase price. This agreement is useful for property owners located in Nevada to sell property to buyers with bad credit or who cannot obtain home financing.
This document is also part of a package Essential Nevada Legal Documents 96 Documents Included