The Florida Lease to Own (Option to Purchase) Agreement Template may be used when a landlord and tenant both wish to provide the option to transfer a property while attempting to minimize the involvement or amount typically necessary from financial institutions. This can be a real money saver to all involved parties however it should be noted that an agreement is only as beneficial as each party’s ability to uphold and maintain it. For this reason both landlord/seller and tenant/buyer must be sure to accurately represent their ability to uphold and maintain the agreement for the duration of the term involved.
A lease to own option will give both parties the right and ability to transfer the ownership of the leased property for a set amount of money from the landlord to the tenant. In such a case the landlord shall be considered a seller and the tenant will be considered a buyer. This does not necessarily negate a residential agreement since it is an option which may be enacted (should the tenant decide to within the defined period they are allowed to). It should be noted that for the duration of the lease the landlord must uphold his or her responsibilities as a landlord, as defined by the applicable city, state, and federal government. In addition the tenant must also maintain their responsibilities for the duration of the lease. At all points in time, this agreement is considered a binding contract to both parties once it is signed.
How to Write
Step 1 – In the first paragraph enter the month, day, and year of the lease arrangement, the full name of the seller/landlord, and the full name of the buyer/tenant.
Step 2 – In the second paragraph, enter the county where the property is located, the state, and the street address on the lines provided (in this order).
Step 3 – In Item 1, labeled “Rent”, enter the total amount of rent that will be paid in one year’s time (note such information will be required to be written out and input numerically in this document). The next amount to be entered will be the monthly payment amount. Then enter the calendar day of the month this is due upon. Finally, this section will require the security deposit amount required to enter this agreement entered.
Step 4 – In item 2, “Utilities and Services,” list all the utilities the tenant must pay for in the first area, then all the utilities the landlord is responsible for in the second area.
Step 5 – In Item 4, “Option Term,” enter the first date when the tenant may utilize the option to buy the property. Then enter the last date the tenant may utilize the option to buy the property.
Step 6 – In the paragraph labeled “Option Consideration,” enter the dollar amount a tenant/buyer must pay for the option to purchase. Note the terms that accompany this amount.
Step 7 – Item 7 or “Purchase Price” will define the required amount to purchase the property. First enter the total purchase amount that must be received by the landlord to transfer the property ownership to the tenant. Then enter the credit amount from each monthly payment which shall be applied in the tenant’s favor to the purchase amount.
Step 8 – In Item 17, enter the county whose laws this agreement and purchase must be in compliance with.
Step 9 – The final section of this document will be the signature section. This is the part of the agreement that verifies both the landlord/seller and the tenant/buyer have read, understood, and desire to enter this contract. First the Seller/landlord must sign and print his/her name. Then the Buyer/Tenant must sign and print their names. This will be followed by the agent’s signature and the witness’s signature.