When it comes to a lease purchase agreement, the form used is typically a combination of a lease and a purchase contract. This allows parties to agree on the terms of the lease while also including provisions for the eventual purchase of the property.
The lease portion of the agreement will include details such as the length of the lease, the monthly rental amount, and any security deposits required. Additionally, it may include information on responsibilities for maintenance and repairs, as well as any restrictions on use or modifications to the property.
The purchase portion of the agreement will outline the terms of the eventual purchase of the property. This may include the agreed-upon purchase price, any down payment or earnest money required, and the closing date. It may also include information on the condition of the property at the time of purchase and any contingencies that must be met before the sale can be completed.
It is important to note that a lease purchase agreement is a legally binding contract, and it is important to ensure that all parties fully understand the terms of the agreement before signing. It is recommended that both parties seek the advice of a legal professional to review the contract and ensure that it is fair and equitable.
In summary, a lease purchase agreement typically includes both lease and purchase contract provisions, outlining the terms of the lease as well as the eventual purchase of the property. This legally binding contract should be carefully reviewed by all parties with the assistance of a legal professional.