A lease agreement with an option to purchase is a residential document used for a person who would like to rent a property while having the choice of whether or not to buy it as well for a predetermined arrangement. This type of agreement gives the buyer the advantage of seeing if they like the residence as well as viewing the real estate market and finding the right time to purchase.
The landlord and tenant will usually come to terms over the price of the property at the time of lease signing and under the terms and conditions of the closing and notice of the intent to purchase. Once notice has been given, a standard time of ninety (90) days is granted for the buyer to come up with the finances and downpayment to complete the sale.
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