Pennsylvania Lease to Purchase Option Agreement

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Pennsylvania Lease to Purchase Option Agreement Powered By Docstoc
					                                                               Lease to Purchase Option
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                          This Lease to Purchase Option Agreement is intended to be used where a provision is
                          included offering the Lessee an option of purchasing the Premises at a specified time, for a
                          pre-determined price.

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                                                                                              Attorney Drafted

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

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],

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

5. Purchase Price. The total purchase price for the Premises is _______ ($______)
   [Instruction: Insert the consideration amount, e.g., Fifty thousand dollars ($50,000)
Shared By:
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 Pennsylvania to sell property to buyers with bad credit or who cannot obtain home financing.
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