Free Lease Purchase Agreement

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Free Lease Purchase Agreement Powered By Docstoc
					                                          Young’s Properties
                                              PO Box 49549
                                           Greenwood, SC 29649
 Office: 943-3377                                                                           Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                               Len’s Mobile: 377-8300




                           RESIDENTIAL LEASE PURCHASE AGREEMENT

                                                I Am Tenant/Buyer

THIS LEASE PURCHASE AGREEMENT, dated _________________________, ___________, is between
___________________________________________________, (“Landlord(s)/Seller”), whose address is
____________________________________________________________________________ and
____________________________________________________, (“Tenant(s)/Buyer”), whose address is
____________________________________________________________________________.

Landlord/Seller leases to Tenant/Buyer and Tenant/Buyer leases from Landlord/Seller, upon the terms and
conditions contained herein, the dwelling located in the County of _______________________ State of South
Carolina, commonly known as:
________________________________________________________________________ (“Premises”).

Optional legal description:
___________________________________________________________________________________
___________________________________________________________________________________

THE PREMISES, as described above, with all appurtenances, are hereby leased to the Tenant/Buyer for a term of
 ______ months commencing ___________________________, ___________*. Rent for the premises is payable in
monthly installments of $__________________, to be paid on or before the 1st day of the month for which rent is
due. __________________ of each rent payment shall be credited toward the purchase price of the property and
shall be considered additional consideration for the option. Tenant/Buyer may renew under same conditions for
______ terms for payment of $__________________.

THE TENANT/BUYER, in consideration of the leasing of said premises, agrees as follows:
        To pay the rent for premises as hereinabove provided;
        To keep premises in good condition and repair and at the expiration of this lease to surrender and deliver up
the same in as good order and condition as when entered upon, loss by fire, accident, act of God or ordinary wear
and tear excepted; IT IS FURTHER AGREED that in case premises are left vacant for 30 days or more, then the
Landlord/Seller may, without being obligated to do so and without terminating this lease, re-take possession of the
premises and the agreement between the Landlord/Seller and the Tenant/Buyer is void.

1. Utilities. The Landlord/Seller and the Tenant/Buyer are responsible for the costs of the following utilities and
   services for the premises (circle the responsible party):

        1.1.1. Garbage Removal           Landlord/Seller   or   Tenant/Buyer
        1.1.2. Water and Sewer           Landlord/Seller   or   Tenant/Buyer
        1.1.3. Gas                       Landlord/Seller   or   Tenant/Buyer
        1.1.4. Electricity               Landlord/Seller   or   Tenant/Buyer
        1.1.5. Lawn and Garden           Landlord/Seller   or   Tenant/Buyer
        1.1.6. Snow Removal              Landlord/Seller   or   Tenant/Buyer
        1.1.7. _______________           Landlord/Seller   or   Tenant/Buyer


                                                      Page 1
                                          Young’s Properties
                                              PO Box 49549
                                           Greenwood, SC 29649
 Office: 943-3377                                                                            Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                                Len’s Mobile: 377-8300




2. Late rental payments. The Tenant/Buyer shall pay the Landlord/Seller $__________ (late payment) for each
    payment not made by the 5th of each month, and $5.00 each day after that. If payment is not received by the 15th
    eviction may begin and there will be more cost ( court cost and legal fees ). Checks that are returned shall not
    constitute payment and shall be subject to the late charge and a returned check fees.
3. Access to the premises. Tenant/Buyer shall have immediate access to the property and a key to show the
    property to prospective subtenants and/or assigns.
4. Sublease agreement. Tenant/Buyer may not assign or sublet/sublease the within premises. Tenant/Buyer shall
    not allow or permit the premises to be occupied or used as a residence by any person other than himself and
    those set out in the RENTAL APPLICATION form.
5. Maintenance, repairs, and damage of premises. Throughout the term of the lease, the Tenant/Buyer will
    maintain the premises in good condition and shall allow no waste of the premises or any utilities.
6. Purchase price. TheLandlord/Seller, in consideration of the performance of all the covenants and agreements
    herein to be performed by the Tenant/Buyer under the lease, hereby grants to Tenant/Buyer an exclusive option
    to purchase said above described premises. The option shall remain in effect for _______ months from the
    effective date of this agreement for the sum of $_____________________, payable as follows:
    __________________________________________________________________________________________
    __________________________________________________________________________________________.
7. Option to purchase price. The purchase price for the premises under this option with fulfillment of term of
    ________ months is $__________________________. The purchase price shall be paid in full at the closing
    with certified funds. The consideration for this option shall be credited to the purchase price and/or down
    payment for the premises at the closing if the Tenant/Buyer exercises the option.
8. Exercise of the option. The Tenant/Buyer may exercise this option by giving written notice signed by the
    Tenant/Buyer to the Landlord/Seller at its address stated above. The notice must be sent by certified mail or hand
    delivered and received by the Landlord/Seller before this option expires.
9. Failure to exercise the option. If the Tenant/Buyer fails to properly exercise this option before this agreement
    expires, this option shall terminate and the Landlord/Seller may retain the consideration and shall have no further
    obligation to the buyer.
10. Downpayments, monies paid. Any monies paid by or on behalf of Tenant/Buyer to the Landlord/Seller,
    whether it be for – but not limited to – downpayment, monthly payments, insurance, property taxes, etc., shall be
    forfeited by the Tenant/Buyer to the Landlord/Seller if the option to purchase is not exercised or the
    Tenant/Buyer fails to comply with any part of this agreement as stated herein.
11. Closing. This sale shall be closed within 10 days after all the closing documents are prepared but no later than
    45 days after the seller receives the notice that the buyer is exercising the option.
12. Taxes and insurance The Tenant/Buyer shall reimburse the Landlord/Seller for the insurance and property
    taxes. The Tenant/Buyer will provide their on (renters insurance).
13. Violation of this agreement. If any part of this agreement is broken, violated or mis-represented, then this
    agreement becomes null and void and the Landlord/Seller may take repossession of premises described herein.
14. Effective date. This agreement shall be effective on _________________________, 20__________.

Signed:

___________________________________________                   ___________________________________________
Tenant/Buyer                     Date                         Landlord/Seller                  Date

____________________________________________                   ____________________________________________
Tenant/Buyer                     Date                           Landlord/Seller                Date

                                                       Page 2
                                          Young’s Properties
                                              PO Box 49549
                                           Greenwood, SC 29649
 Office: 943-3377                                                                            Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                                Len’s Mobile: 377-8300




                    ADDENDUM TO RESIDENTIAL LEASE PURCHASE AGREEMENT


Regarding the agreement between ___________________________________________ (Landlord/Seller) and
___________________________________________ (Tenant/Buyer), dated ___________________, _________,
both parties agree to the following:




           Description                          Annual Amount                           Monthly Amount
Payment                                                  N/A

Insurance (pro-rated      months)

Taxes (pro-rated    months)


Other
Total Due per Month 


Any increases or decreases in your insurance and/or taxes will be billed or credited to your account as this
information becomes available.

This payment is good for the current year only. Subsequent years’ payments will be updated with that year’s
current tax and insurance information.


Please Note:

    1) Payments are due in full and on time each month.
    2) Payments must be made with check or money order – cash or credit card is not accepted.
    3) Your payment must be for the exact amount as outlined above.




                                                       Page 3
                                          Young’s Properties
                                               PO Box 49549
                                            Greenwood, SC 29649
 Office: 943-3377                                                                             Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                                 Len’s Mobile: 377-8300




                                     Landlord/Tenant Statute
Should Tenant/Buyer be more than fifteen (15) days late making any payment, then the Lease/Purchase Agreement
becomes a lease under the provisions of the S.C. Landlord – Tenant Statute and Tenant/Buyer shall be subject to
eviction through Magistrate Court proceedings.

Signed:

_________________________________________                          _________________________________________
Tenant/Buyer                  Date                                 Landlord/Seller                Date

_________________________________________                          _________________________________________
Tenant/Buyer                  Date                                 Landlord/Seller               Date




                                                     14 Day Notice
South Carolina law requires that a fourteen (14) day written notice be delivered in case of delinquent rent or any
noncompliance of lease agreement. This is your (14) day notice that you will be subject to an eviction immediately.

I understand that if my rent has not been paid in full or any other noncompliance of the lease, on the 15th day of the
month, I will be subject to eviction.

Signed:

_________________________________________                          _________________________________________
Tenant/Buyer                  Date                                 Landlord/Seller                Date

_________________________________________                          _________________________________________
Tenant/Buyer                  Date                                 Landlord/Seller               Date




                                                       Page 4
                                          Young’s Properties
                                               PO Box 49549
                                            Greenwood, SC 29649
 Office: 943-3377                                                                             Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                                 Len’s Mobile: 377-8300




                                          Drug-Free Housing
In consideration of the execution or renewal of a lease of the dwelling unit identified in the lease, Owner and Tenant
agree as follows:

1. Tenant, any member of the tenant’s household, or a guest or other person under the tenant’s control shall not
   engage in criminal activity, including drug-related criminal activity, on or near project premises. “Drug-related
   criminal activity” means the illegal manufacture, sale, distribution, use or possession with the intent to
   manufacture, sell, distribute, or use, of a controlled substance (as defined in section 102 of the Controlled
   Substance Accept (21 U.S.C. 802)).
2. Tenant, any member of the tenant’s household, or a guest or other person under the tenant’s control shall not
   engage in any act intended to facilitate criminal activity, including drug-related criminal activity, on or near
   project premises.
3. Tenant or members of the household will not permit the dwelling unit to be used for, or to facilitate, criminal
   activity, including drug-related criminal activity, regardless of whether the individual engaging in such activity is
   a member of the household or a guest.
4. Tenant or members of the household will not engage in the manufacture, sale or distribution of illegal drugs at
   any location, whether on or near project premises or otherwise.
5. Tenant, any member of the tenant’s household, or a guest or other person under the tenant’s control shall not
   engage in acts of violence or threats of violence, including, but not limited to, the unlawful discharge of firearms,
   on or near project premises.
6. VIOLATION OF THE ABOVE PROVISIONS SHALL BE A MATERIAL VIOLATION OF THE LEASE
   AND GOOD CAUSE FOR TERMINATION OF TENANCEY. A single violation of any of the provisions of
   the addendum shall be deemed a serious violation and a material noncompliance with the lease. It is understood
   and agreed that a single violation shall be good cause for termination of the lease. Unless otherwise provided by
   law, proof of violation shall not require criminal conviction, but shall be by a preponderance of evidence.
7. In case of conflict between the provisions of this addendum and any other provisions of the lease, the provisions
   of the addendum shall govern.



Signed:

_________________________________________                         _________________________________________
Tenant/Buyer              Date                                     Landlord/Seller          Date

_________________________________________                          _________________________________________
Tenant/Buyer              Date                                     Landlord/Seller           Date




                                                       Page 5
                                     Young’s Properties
                                          PO Box 49549
                                       Greenwood, SC 29649
Office: 943-3377                                                     Melony’s Mobile: 377-8303
  Fax: 942-1888                                                         Len’s Mobile: 377-8300




                                   Agreement Check List

                                                               YES       NO              N/A
Credit application complete
Checked credit references
Copy of driver’s license & SSN card
Utilities turned off in our name
       Water/Sewer:   Disconnect Date: ___________________

       Electric:      Disconnect Date: ___________________

       Gas:           Disconnect Date: ___________________

Gave tenant/buyer estimate sheet for utilities/insurance/tax
Change insurance to “occupied”
Stop classified advertisement in the Index-Journal
Update property on website
Remove sign from property




                                                 Page 6
                                       Young’s Properties
                                           PO Box 49549
                                        Greenwood, SC 29649
 Office: 943-3377                                                                     Melony’s Mobile: 377-8303
   Fax: 942-1888                                                                         Len’s Mobile: 377-8300




Dear Tenant/Buyer,

In order to serve you better as a client, we would like to provide the following information to ensure that
you are protected against a potential lapse in utilities, property taxes, and annual property insurance
coverage.

Utilities:
Your gas is with ______________________ and will be disconnected on ________________
Your electric is with ___________________ and will be disconnected on ________________
Your water/sewer is with _______________ and will be disconnected on ________________

You must contact the appropriate utility provider and have it turned on in your name. Any property
damage resulting from failure on your part to obtain utility services you will be held liable.


________________________                                             ________________________
       Signed                                                                    Dated




                    If you are renting – not buying – disregard next section

Insurance:
Annual Insurance Premium is due before occupancy, initially, and every 12 months thereafter until your
contract is fulfilled. First year’s premium is $_____________. You will be notified well in advance of
next year’s premium cost.
                                                                                    Initial here ________.

Property Tax:
Property taxes are pro-rated based on times of occupancy and are estimated based upon last year’s taxes. An
estimate of your upcoming property taxes is $________________ and is escrowed in with your monthly payment.
After we receive the tax notice, you will be invoiced or credited with the difference.
                                                                                       Initial here ________.




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