Residential Lease (with Option to Purchase)

Whenever a Landlord (owner of the house or residence) rents a residence to a Tenant and wishes to give the Tenant an option to purchase the rented premises, a written agreement should be used. Both Landlord and Tenant must sign it. The Agreement should set forth the terms of the lease and the option that is granted. Such a document is generally called a Lease or Rental Agreement with an "option to purchase". Such an option would allow the Tenant to purchase the property at a predetermined price within a predetermined time frame. (continued ...)