Lease Option Agreement / Lease Purchase Option
Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame.
Document Last Modified: 6/3/2021
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State Specific Clauses
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IMPORTANT: There are documents that may be needed or required for a sale/purchase of real estate that are different from the required documents, addenda and/or disclosures required in the leasing or renting of real estate. It is important to check with a licensed Realtor, agent or attorney to be sure of the sales requirements.
VIRGINIA METHAMPHETAMINE ACT -Real estate transfers by sale, exchange, installment land sales contract, or lease with option to buy for residential real property consisting of not less than one nor more than four dwelling units, whether or not the transaction is with the assistance of a licensed real estate broker or salesperson require a Methamphetamine Disclosure as described in § 55-519. Required disclosures.
Check with Virginia State Regulations for complete information before entering into a lease purchase agreement.
This very convenient ezLandlordForms’ “Lease Option Agreement” allows the landlord to give the tenant who is renting the premises the option to buy at the end of the lease term, or upon some other agreed upon date. The form sets out all of the terms of the purchase agreement including the price.
This Lease Option Agreement form is an ezLandlordForms editable form that will allow you to include your own custom text. This will give the landlord or owner the option to include terms to the Purchase Option Agreement that were not already included. A landlord would use this form if they would like to give the tenant the option to buy the property at any point during the tenancy.
If the landlord would like to offer the tenant the option to rent-to-own this is the form to use! When creating an ezLandlordForms Rental Agreement, the last step (Step 7) will give the landlord the option to include a Purchase Option Agreement form.
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