RENT-TO-OWN AGREEMENT
State of _____________ Rev. 133ED6A
This Rent-to-Own Agreement (this “Agreement”) is made and entered into as of this ____ day of ___________, 20__, by and [between/among] ___________________, [name of landlord] located at _______________________ [address of landlord] [option for 2 more] (collectively, “Landlord” or “Seller”) and ________________________, [name of tenant] located at _____________________ [address of tenant] [option for 2 more] (collectively, “Tenant” or “Buyer”). Each Landlord or Seller and Tenant or Buyer may be referred to in this Agreement individually as a “Party” and collectively as the “Parties.”
WHEREAS, Landlord is the owner of certain real property located at ______________________________________ [address of property] with the legal description: _______________________________ (the "Premises"); and
WHEREAS, Landlord desires to lease the Premises to Tenant upon the terms and conditions as contained herein; and
WHEREAS, Tenant desires to lease the Premises from Landlord on the terms and conditions as contained herein; and
WHEREAS, Tenant also desires to obtain an option to purchase the Premises at an agreed upon purchase price (the “Option to Purchase”), and has agreed to certain additional property maintenance conditions in consideration of the Option to Purchase; and
WHEREAS, Landlord desires to grant to Tenant the Option to Purchase pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the covenants and obligations contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto hereby agree as follows:
1. Premises. The Premises is a __________ [with __________ bedroom(s) and __________ bathroom(s)] [and _____ parking space(s)]. [Parking is not included with the Premises]. [The Premises includes the following storage space:________________].[The Premises is fully furnished./_______________]. [Additional description of the premises]
2. Term. Landlord agrees to lease to Tenant, and Tenant agrees to lease from Landlord, the Premises for a term beginning on ____________ [and ending on ______________/and continuing month-to-month until either Landlord or Tenant terminate this Agreement by providing the other Party with proper written notice of termination] (the “Term”). The Term is subject to the Option To Purchase the Premises given to Tenant by Landlord as more particularly herein.
3. Rent. Tenant will pay to Landlord a monthly rent of $_______ for the Term. Rent will be payable in advance and due on the _____ day of each month during the Term. The first [and last] rent payment[s] [is/are] due upon the execution of this Agreement. [Rent for [the first month of the Term/the last month of the Term] will be a pro rata portion of the monthly installment in the amount of $___________.] Rent will
be paid to Landlord at [Landlord's address stated above/_______________] (or to such other places as directed by Landlord) by mail or in person by [personal check/cashier’s check/money order/cash/credit or debit card/Paypal/other], and will be payable in U.S. Dollars. Tenant shall pay to Landlord the amount of $___________ in the event that any rent check or other payment made to Landlord hereunder is returned by the bank unpaid due to insufficient funds or returned for any reason.
4. Guaranty. __________ located at __________, __________, __________, __________ (“Guarantor”) promises to unconditionally guarantee to Landlord, the full payment and performance by Tenant of all financial duties and obligations arising out of this Agreement. Guarantor agrees to joint and several liability with Tenant for Tenant’s financial duties and obligations under this Agreement including rent, damages, fees and costs. Guarantor further agrees that this guaranty shall remain in full force and effect and be binding on Guarantor until this Agreement is terminated.
5. Late Fee. In the event that any payment required to be paid by Tenant hereunder is not made within _____ days of when due, Tenant shall pay to Landlord, in addition to such payment or other charges due hereunder, a late charge [____ % of the balance due per day for each day that rent is late /$____].
6. Additional Rent. There may be instances under this Agreement where Tenant may be required to pay additional charges to Landlord. All such charges are considered additional rent under this Agreement and will be paid with the next regularly scheduled rent payment. Landlord has the same rights and Tenant has the same obligations with respect to additional rent as they do with rent.
7. Utilities. Tenant is responsible for arrangement and payment of all utility and other services for the Premises, [with the exception of ______________________, which will be paid for by Landlord.]
8. Security Deposit. Upon the execution of this Agreement, Tenant will pay a security deposit to Landlord in the amount of $__________ (the “Security Deposit”). The Security Deposit will be retained by Landlord as security for Tenant’s performance of its obligations under this Agreement, including for any damage caused to the Premises during the Term. If Tenant does not comply with any of the terms of this Agreement, Landlord may apply any or all of the Security Deposit to remedy the breach, including to cover any amount owed by Tenant and/or any damages or costs incurred by Landlord due to Tenant’s failure to comply. Landlord will provide to Tenant written notice of use of any or all of the Security Deposit. Tenant will, within ___ days following receipt of such written notice, pay to Landlord the amount needed to restore the Security Deposit to its full amount. The Security Deposit may not be used or deducted by Tenant as the last month’s rent of the Term.
9. Interest on Security Deposit. In accordance with all applicable statutes, Landlord will pay Tenant interest on Tenant's security deposit, less any service fee charged by the bank or investment company.
10. Return of Security Deposit. If Tenant returns possession of the Premises to Landlord in the same condition as accepted, ordinary wear and tear excepted, Landlord will return the Security Deposit to Tenant, less any allowed deductions, within _____ days after the end of the Term. Any reason for retaining a portion of the security deposit will be itemized and explained in writing. If Tenant exercises the Option to Purchase, the Security Deposit [will be returned to Tenant in accordance with this Agreement/will be credited towards the Purchase Price at the Closing (as defined herein)].
11. Landlord's Failure to Give Possession. In the event Landlord is unable to give possession of the Premises to Tenant on the start date of the Term, Landlord will not be subject to any liability for such failure, the validity of this Agreement will not be affected, and the Term will not be extended. Tenant will not be
liable for rent until Landlord gives possession of the Premises to Tenant; provided however, that if Landlord does not give possession of the Premises to Tenant within ___ days from the start of the Term, Tenant may cancel this Agreement by notice in writing to Landlord,.
12. Holdover Tenancy. [If Landlord accepts a rent payment from Tenant, other than past due rent or additional rent, after the Term expires, both parties understand that a month-to-month holdover tenancy will be created at the agreed upon monthly rent, unless proper notice has been served as required by applicable laws. If either Tenant or Landlord wishes to end the month-to-month tenancy, such Party must provide at least thirty (30) days’ written notice before the desired termination date. /Unless this Agreement has been extended by mutual written agreement of the Parties or Tenant has exercised the Option to Purchase, there will be no holding over past the Term under the terms of this Agreement under any circumstances. If it becomes necessary to commence legal action to remove Tenant from the Premises, the prevailing Party will be entitled to attorney’s fees and costs in addition to damages.]
13. Use of Premises. The Premises shall be used and occupied by Tenant and Tenant’s immediate family and used only for residential purposes. [Guest policy]. Tenant will not engage in any objectionable conduct, including behavior which will make the Premises less fit to live in, will cause dangerous, hazardous or unsanitary conditions or will interfere with the rights of others to enjoy their property. Tenant will be liable for any damage occurring to the Premises and any damage to or loss of the contents thereof which is done by Tenant or Tenant’s guests or invitees.
14. Condition of Premises. Tenant represents and warrants that Tenant has examined the Premises, and that at the time of the execution of this Agreement, the Premises is in good order and repair, normal wear and tear excepted, and in a safe, clean and tenantable condition. Tenant accepts the Premises in the current condition[, except:_________________________].
15. Inspection Checklist. In order to avoid disagreements about the condition of the Premises, at the time of accepting possession of the Premises, Tenant will complete the Inspection Checklist incorporated herein by reference and attached hereto as Exhibit A and record any damage or deficiencies that exist at the commencement of the Term. Tenant will provide a copy of the completed checklist to Landlord within ____ days after accepting possession of the Premises. Landlord will be liable for the cost of any cleaning or repair to correct damages found at the time of the inspection. Tenant will be liable for the cost of any cleaning and/or repair to correct damages found at the end of the Term if not recorded on the inspection checklist, normal wear and tear excepted.
16. Maintenance and Repairs. Tenant will, at its sole expense, keep and maintain the Premises, including the grounds and all appliances and fixtures, in clean, sanitary and good condition and repair during the Term. Tenant will not remove any appliances or fixtures from the Premises for any purpose. [Tenant will also be responsible for the payment of ___________________.] If other repairs are required, Tenant will notify Landlord for such repairs.
17. Alterations. Tenant will not make any alteration, addition or improvement to the Premises without first obtaining Landlord’s written consent. Any and all alterations, additions or improvements to the Premises are without payment to Tenant and will become Landlord’s property immediately on completion and remain on the Premises, unless Landlord requests or permits removal, in which case Tenant will return that part of the Premises to the same condition as existed prior to the alteration, addition or improvement. Tenant will not change any existing locks or install any additional locks on the Premises without first obtaining Landlord's written consent and without providing Landlord a copy of all keys.
18. Compliance. Tenant agrees to comply with all applicable laws, ordinances, requirements and regulations of any federal, state, county, municipal or other authority.
19. Rules and Regulations. [Landlord has prescribed the rules and regulations governing Tenant’s use and enjoyment of the Premises, attached hereto as Exhibit A, and incorporated by reference herein. Tenant acknowledges receipt of and agrees to adhere to such regulations./The following rules and regulations shall govern Tenant’s use and enjoyment of the Premises:
(a) Tenant will not obstruct the driveways, sidewalks, courts, entry ways, stairs and/or halls. (b) Tenant will keep all windows, glass, window coverings, doors, locks and hardware in good, clean order and repair.
(c) Tenant will not obstruct or cover the windows or doors.
(d) Tenant will not leave windows or doors in an open position during any inclement weather. (e) Tenant will not hang any laundry, clothing, sheets, etc. from any window, rail, porch or balcony nor air or dry any of same within any yard area or space.
(f) Tenant will not cause or permit any locks or hooks to be placed upon any door or window without the prior written consent of Landlord.
(g) Tenant will keep all air conditioning filters clean and free from dirt.
(h) Tenant will keep all bathrooms, sinks, toilets, and other water and plumbing supplies in good order and repair, and shall use same only for the purposes for which they were constructed. (i) Tenant will not allow any sweepings, rubbish, sand, rags, ashes or other substances to be thrown or deposited into any sinks or toilets.
(j) Tenant's family and guests shall not make or permit any loud or improper noises, or otherwise disturb other residents in the immediate area.
(k) Tenant will deposit all trash, garbage, rubbish or refuse in the locations provided therefore. (l) Tenant will abide by and be bound by any and all rules and regulations affecting the Premises or the common areas of the Premises which may be adopted or promulgated from time to time by Landlord. (m) [Other]
20. Smoking. Smoking of any kind is strictly prohibited on any part of the Premises. This prohibition applies to Tenant and any visitor, guest or other occupant on the Premises.
21. Pets. Tenant is not allowed to have or keep any pets, even temporarily, on any part of the Premises[, except for the following: ______________]. If Tenant does keep an authorized pet on the Premises, Tenant will pay to Landlord a pet deposit in the amount of $_________. The unauthorized presence of any pet will subject Tenant to penalties, damages, deductions and/or termination of this Agreement. Properly trained service animals that provide assistance to individuals with disabilities may be permitted on the Premises with the prior written consent of Landlord, which shall not be unreasonably withheld. Tenant will be
responsible for the costs of de-fleaing, deodorizing and/or shampooing all or any portion of the Premises if a pet has been on the Premises at any time during the Term (whether with or without written consent of Landlord).
22. Right of Entry. Landlord or its agents may enter the Premises at reasonable times to inspect the Premises, to make any alternations, improvements or repairs or to show the Premises to a prospective tenant, buyer or lender. In the event of an emergency, Landlord may enter the Premises at any time.
23. Assignment and Subletting. Tenant shall not assign this Agreement, or sublease or grant any license to use the Premises or any part thereof [without obtaining Landlord’s prior written consent] / Tenant can
assign this Agreement, or sublease or grant any license to use the Premises or any part thereof without obtaining Landlord’s prior written consent].
24. Reasonable Accommodations. Landlord agrees to comply with all applicable laws providing equal housing opportunities, including making reasonable accommodations for known physical or mental limitations of qualified individuals with a disability, unless undue hardship would result. Tenant is responsible for making Landlord aware of any such required accommodations that are reasonable and will not impose an undue hardship. If Tenant discloses a disability and requests an accommodation, Landlord has the right to have a qualified healthcare provider verify the disability if the disability is not readily apparent, and Landlord has the right to use the qualified healthcare provider verifying the disability as a resource for providing the reasonable accommodation.
25. Sex Offender Registry. Pursuant to law, information about specified registered sex offenders is made available to the public. Tenant understands and agrees that Tenant is solely responsible for obtaining any and all information contained in the state or national sex offender registry for the area surrounding the Premises, which can be obtained online or from the local sheriff’s department or other appropriate law enforcement officials. Depending on an offender’s criminal history, this information will include either the address at which the offender resides or the community of residence and zip code in which he or she resides.
* If CA – this section should be: Sex Offender Registry Notice. Pursuant to Section 290.46 of the Penal Code, information about specified registered sex offenders is made available to the public via an Internet website maintained by the Department of Justice at www.meganslaw.ca.gov. Tenant understands and agrees that Tenant is solely responsible for obtaining any and all information contained in the state or national sex offender registry for the area surrounding the Premises. Depending on an offender’s criminal history, this information will include either the address at which the offender resides or the community of residence and zip code in which he or she resides.
26. Quiet Enjoyment. If Tenant pays the rent and performs all other obligations under this Agreement, Tenant may peaceably and quietly hold and enjoy the Premises during the Term.
27. Hazardous Materials. Tenant shall not keep on the Premises any item of a dangerous, flammable or explosive character that might unreasonably increase the danger of fire or explosion on the Premises or that might be considered hazardous or extra hazardous by any responsible insurance company.
28. Lead Disclosure. Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before renting pre-1978 housing, Landlord must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. Tenant must also receive a federally approved pamphlet on lead poisoning prevention.
29. Mold Notification and Release. Tenant has fully inspected the Premises prior to taking occupancy of same and warrants that no mold or mildew is present in the Premises. Tenant understands that mold and mildew is common in Florida and may occur in the Premises. Landlord shall have no obligation or requirement to inspect for mold or mildew in the Premises during the Term. Tenant agrees to regularly inspect and treat the Premises for mold and mildew occurrences and shall be responsible for any and all maintenance that may be necessary to prevent the occurrence of and the eradication of mold and mildew, if mold and/or mildew occur in the Premises. Tenant warrants to Landlord that Tenant is not allergic to mold and mildew. Tenant agrees to inform Landlord immediately in the event of water leakage or moisture accumulation or buildup in any area of the premises which might cause mold or mildew. This
requirement shall not be construed to mean that Landlord shall be obligated to take any action to rid the Premises of mold or mildew. In consideration of this Agreement, Tenant agrees to hold Landlord harmless from any damages or injuries caused to Tenant or Tenant’s guests because of the presence of mold or mildew in the Premises and further releases, acquits, satisfies and forever discharges Landlord from any and all causes of action, suits, debts, damages, judgments executions, claims and demands whatsoever, in law or in equity, which Tenant or Tenant’s guests, now or in the future may have upon or by reason of any matter, cause or thing and specifically for damages, injuries or losses occasioned by mold or mildew being present in the Premises.
30. Military Clause. In the event Tenant is, or hereafter becomes, a member of the United States Armed Forces (the “Military”) on extended active duty, and Tenant receives permanent change of station orders to depart from the area where the Premises is located or is relieved from active duty, retires or separates from the Military, or is ordered into Military housing, then Tenant may terminate this Agreement upon giving thirty (30) days written notice to Landlord. Tenant shall also provide to Landlord a copy of the official orders or a letter signed by Tenant’s commanding officer, reflecting the change which warrants termination under this Section. Tenant will pay prorated rent for any days Tenant occupies the dwelling past the first day of the month rent is due. Any security deposit will be promptly returned to Tenant, provided there are no damages to the Premises.
31. Renter’s Insurance. Tenant is required to obtain, and maintain at all times during the Term, a renter’s insurance policy with a minimum of $100,000.00 personal liability coverage. Tenant will name Landlord as an interested party or additional insured. Tenant will provide Landlord with a certificate or proof of insurance upon request.
32. Mechanics’ Lien. Tenant understands and agrees that Tenant and anyone acting on Tenant’s behalf do not have the right to file for mechanic’s liens or any other kind of liens on the Premises. Tenant agrees to give actual advance notice to any contractors, subcontractors or suppliers of goods, labor or services that such liens are invalid. Tenant further agrees to take the additional steps necessary to keep the Premises free of any and all liens that may result from construction completed by or for Tenant.
33. Insurance Requirements. Tenant will not do or permit to be done any act or thing that will increase the insurance risk under any policy of insurance covering the Premises. If the premium for such policy of insurance increases due to a breach of Tenant’s obligations under this Agreement, Tenant will pay the additional amount of premium as additional rent under this Agreement.
34. Subordination of Lease. This Agreement and Tenant's rights hereunder will be subordinate, junior and inferior to any and all mortgages, liens or encumbrances now or hereafter placed on the Premises by Landlord, all advances made under any such mortgages, liens or encumbrances (including, but not limited to, future advances), the interest payable on such mortgages, liens or encumbrances and any and all renewals, extensions or modifications of such mortgages, liens or encumbrances.
35. Liability. Landlord is not responsible or liable for, and Tenant hereby agrees to indemnify, defend and hold Landlord harmless from, any loss, claim, damage or expense as a result of any accident, injury or damage to any person or property occurring anywhere on the Premises, unless resulting from the negligence or willful misconduct of Landlord.
36. Default. In the event of any default under this Agreement, Landlord may provide Tenant a notice of default and an opportunity to correct such default. If Tenant fails to correct the default, other than a failure to pay rent or additional rent, Landlord may terminate this Agreement by giving a __________ day written
notice. If the default is Tenant’s failure to timely pay rent or additional rent as specified in this Agreement, Landlord may terminate this Agreement by giving a __________ day written notice to Tenant. After termination of this Agreement, Tenant shall forfeit the credit, if any, Tenant would have received if Tenant exercised the Option To Purchase and closed on the Premises. In addition, Tenant remains liable for any rent, additional late, costs, including costs to remedy any defaults, and damages under this Agreement.
37. Remedies If this Agreement is terminated due to Tenant’s default, Landlord may, in addition to any rights and remedies available under this Agreement and applicable law, use any dispossession, eviction or other similar legal proceeding available in law or equity.
38. Damage to Premises. If the Premises are damaged by fire or other serious disaster or accident and the Premises becomes uninhabitable as a result, Tenant may immediately vacate the Premises and terminate this Agreement upon notice to Landlord, including the Option to Purchase contained herein. Tenant will be responsible for any unpaid rent or will receive any prepaid rent up to the day of such fire, disaster or accident, but shall then be entitled to a refund of a pro-rata portion of the credit, if any, Tenant would have received if Tenant exercised the Option To Purchase and closed on the Premises. If the Premises are only partially damaged and inhabitable, Landlord may make full repairs and will do so within a prompt and reasonable amount of time. At the discretion of Landlord, the rent may be reduced while the repairs are being made.
39. Surrender of Premises. If Tenant does not exercise the Option to Purchase, Tenant will deliver and surrender to Landlord possession of the Premises immediately upon the expiration of the Term or the termination of this Agreement, clean and in as good condition and repair as the Premises was at the commencement of the Term, reasonable wear and tear excepted. Tenant must return the keys to the Premises to Landlord when Tenant vacates the Premises.
40. Option to Purchase. Landlord hereby grants Tenant the Option to Purchase the Premises “AS IS.” The total purchase price for the Premises will be [$__________________/determined and agreed upon by the Parties at the later time] (the “Purchase Price”), subject to the terms and conditions set forth herein.
41. Option Term. The Option to Purchase period commences on ______________ and expires on ___________________.
42. Option Consideration. [Option 1 ___]. As consideration for the Option to Purchase, Tenant acknowledges that Tenant is paying consideration to Landlord in the form of nonrefundable rent at the agreed upon monthly amount set forth in this Agreement. [Provided that the Tenant timely exercises the Option to Purchase, is not in default of this Agreement and closes the conveyance of the Premises as set forth in this Agreement (the “Closing”), $_________ from each monthly lease payment that Tenant timely made prior to the Closing shall be credited towards the Purchase Price at the Closing.] Unless otherwise stated in this Agreement, this amount is nonrefundable to Tenant.
42. Option Consideration. [Option 2 ___]. As consideration for the Option to Purchase, Tenant agrees to pay to Landlord a nonrefundable fee of $__________ (the “Option Fee”) at the execution of this Agreement. [Provided that the Tenant timely exercises the Option to Purchase, is not in default of this Agreement and closes the conveyance of the Premises as set forth in this Agreement (the “Closing”), [$____________ of] the Option Fee shall be credited against the Purchase Price at the Closing. /Provided that the Tenant timely exercises the Option to Purchase, is not in default of this Agreement and closes the conveyance of the Premises as set forth in this Agreement (the “Closing”), $_________ from each monthly lease payment that Tenant timely made prior to the Closing shall be credited towards the Purchase Price at the Closing./
Provided that the Tenant timely exercises the Option to Purchase, is not in default of this Agreement and closes the conveyance of the Premises as set forth in this Agreement (the “Closing”), [$____________ of] the Option Fee and $______ from each monthly lease payment that Tenant timely made prior to the Closing shall be credited against the Purchase Price at the Closing.] Unless otherwise stated in this Agreement, the option payment is nonrefundable to Tenant.
42. Notice of Exercising Option. To exercise the Option to Purchase, Tenant must deliver to Landlord written notice of Tenant’s intent to purchase the Premises prior to the expiration of the Option to Purchase. [When exercising the Option to Purchase, Tenant shall also deposit with Landlord the sum of $____________ as an earnest money deposit (the “Deposit”) to be credited towards the purchase price of the Premises regardless of any other credits due Tenant under this Agreement.] The written notice must specify a valid closing date for the purchase, which must occur before the original expiration date of this
Agreement, or the date of the expiration of the Option to Purchase, whichever occurs later.
43. Exclusivity of Option. The Option to Purchase is exclusive and non-assignable and exists solely for the benefit of Tenant. Should Tenant attempt toassign, convey, delegate, or transfer the Option to Purchase without Landlord’s express written permission, any such attempt shall be deemed null and void, and the Option to Purchase may voided at Landlord’s discretion, which shall subject all credits otherwise due to Tenant at the Closing to be forfeited by Tenant.
44. Personal Property. The sale includes all of Seller’s right, title and interest, if any, to all real estate, buildings, improvements, appurtenances and fixtures (except as described below). Fixtures shall include all things that are embedded in the land or attached to any buildings and cannot be removed without damage to the Property. In addition, the following items shall be included in the sale:
• _____________________________________________________________________ •
The following fixtures and items are excluded from the sale:
• ________________________________
•
45. Inspection. If the Option to Purchase is exercised, Buyer is agreeing to purchase the Premises in “AS IS” condition. As Buyer will have occupied the Premises for many years and will continue to occupy the Premises up to the Closing Date, Buyer hereby waives all customary rights to inspection of the Premises and any rights to cancel or otherwise decline to close the transaction, and the Buyer confirms that good and adequate consideration exists for this waiver.
46. Closing and Settlement. The Purchase Price, subject to any credits, is payable by Buyer on the Closing Date by one of the following methods:
• cash
• cashier's check
• certified check
• wire transfer
• other
[Buyer agrees that all closing costs shall be the sole responsibility of Buyer.]
On or before the Closing, Seller shall pay:
(a) One half of any escrow or closing fees.
(b) All escrow or closing fees.
(c) All transfer taxes and conveyance fees.
(d) All costs of releasing any mortgage, financing statement, or other debt security. (e) All costs of removing, remedying or curing any contingencies.
(f) All costs related to the preparation of the deed.
(g) Any broker commissions or fees.
(h) Any property gains tax, as required by federal or state law.
(i) [Other – user to write in own]
On or before the Closing, Buyer shall pay:
(a) One half of any escrow or closing fees.
(b) All escrow or closing fees.
(c) All transfer taxes and conveyance fees.
(d) All costs related to the recording of the deed.
(e) All costs or expenses related to obtaining financing, including origination or commitment fees and the lender’s title insurance policy.
(f) All other costs and expenses associated with this Agreement, unless otherwise agreed to by the Parties.
(g) [Other – user to write in own]
47. Title. Seller shall convey marketable title to Premises, by delivering a good and sufficient general warranty deed in fee simple absolute, on or before the Closing. Buyer’/Seller] shall obtain a title insurance policy (the “Title Policy”) by a title insurance company selected by [Buyer/Seller] which is authorized to do business in ______ [state where property is located] (the “Title Company”)[./, subject only to:
(a) Any and all restrictions, limitations, regulations, ordinances and/or laws imposed by any governmental authority and any and all other provisions of any governmental restrictions, limitations, regulations, ordinances and/or public laws.
(b) Any liens for real property taxes or assessments created or attaching between the date of the Title Policy and the date the deed or instrument of transfer is recorded.
(c) Any material defect, lien or encumbrance created, suffered, assumed or known by the Buyer. (d) Any rights of eminent domain.
(e) Any claim under bankruptcy or other creditor’s rights laws that the transfer is a fraudulent conveyance.
(f) [other – user to write in]
48. Financing Availability. Seller makes no representations or warranties as to the availability of financing regarding the Option to Purchase. Buyer is solely responsible for obtaining financing in order to exercise the Option to Purchase. This shall not prevent the Tenant from seeking financing from any third party for part or all of the Purchase Price, however, the ability to obtain financing or the favorability of the terms thereof shall not be or create any contingency in the performance of the terms hereof by Tenant.
49. Commission. No real estate commissions or any other commissions shall be paid in connection with this transaction.
50. Taxes. Seller shall be responsible for the payment of taxes, insurance, assessments, and any other charges against the Premises up to the Closing Date.
51. Existing Mortgage. Seller, as a condition of the settlement of the Option to Purchase, shall not possess a mortgage on the Premises in an amount greater than the Purchase Price or other consideration as agreed to between the Seller and Buyer.
52. Option to Purchase Controlling. In the event a conflict arises between the terms and conditions of this Agreement regarding the lease and the terms and conditions of this Agreement regarding the Option to Purchase Agreement, the terms and conditions regarding the Option to Purchase shall control.
53. Purchase Default. In the event Buyer defaults after exercising the Option to Purchase, Buyer shall forfeit [the Deposit and] the credit, if any, Buyer would have received if Buyer closed on the Premises to Seller as liquidated damages, which shall be the sole and exclusive remedy available to Seller. In the event Seller defaults after Buyer has exercised the Option to Purchase, [the Deposit and] the credit, if any, Buyer would have received if Buyer closed on the Premises shall be refunded to Buyer, and Buyer may sue for all remedies available at law or in equity.
54. No Equitable Ownership. It is understood by and between the parties hereto that no monthly rent payment made under this Agreement shall allow or establish any equitable ownership interest in the Premises by the Tenant.
55. Notices. Any notice required or permitted under this Agreement must be in writing. A notice is effective upon receipt and shall be delivered in person, sent by overnight courier service or sent via certified or registered mail, addressed to Landlord or Tenant at the address stated above or to another address that either Party may designate upon reasonable notice to the other Party.
56. Severability. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law.
57. Binding Effect. The covenants, obligations and conditions herein contained shall be binding on and inure to the benefit of the heirs, legal representatives, and assigns of the parties hereto.
58. Headings. The descriptive headings used herein are for convenience of reference only and they are not intended to have any effect whatsoever in determining the rights or obligations of the Landlord or Tenant.
59. No Waiver. No indulgence, waiver, election or non-election by Landlord under this Agreement shall affect Tenant's duties and liabilities hereunder.
60. Amendments. The parties hereby agree that this document contains the entire agreement between the parties and this Agreement shall not be modified, changed, altered or amended in any way except through a written amendment signed by all of the parties hereto.
61. Governing Law. This Option to Purchase Agreement shall be governed, construed and interpreted by, through and under the Laws of the State of _____________.
62. Disputes. Any dispute arising from this Agreement shall be resolved in the courts of the State of _________/through binding arbitration conducted in accordance with the rules of the American Arbitration Association/through mediation/through mediation. If the dispute cannot be resolved through mediation, then
the dispute will be resolved through binding arbitration conducted in accordance with the rules of the American Arbitration Association].
63. Attorney’s Fees. Should it become necessary for Landlord to employ an attorney to enforce any of the conditions or covenants hereof, including the collection of rentals or gaining possession of the Premises, Tenant agrees to pay all expenses so incurred, including a reasonable attorneys' fee.
64. Entire Agreement. This document sets forth the entire agreement and understanding between the parties relating to the subject matter herein and supersedes all prior discussions between the parties. No modification of or amendment to this Option to Purchase Agreement, nor any waiver of any rights under this Option to Purchase Agreement, will be effective unless in writing signed by the party to be charged.
65. Miscellaneous.
Tenant/Buyer Signature Tenant/Buyer Full Name
Landlord/Seller Signature Landlord/Seller Full Name
State of __________ )
)SS:
County of _________ )
On this, the________day of ___________, 201__, before me a notary public, the undersigned officer, personally appeared ___________________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained.
In witness hereof, I hereunto set my hand and official seal.
___________________________
Notary Public – State of __________
State of ___________)
)SS:
County of _________ )
On this, the________day of ______________, 201__, before me a notary public, the undersigned officer, personally appeared _______________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained.
In witness hereof, I hereunto set my hand and official seal.
___________________________
Notary Public – State of ____________
CA, NY, FL, TX and IL
Disclosure of Information on Lead-Based Paint and/or Lead Based Paint Hazards
Lead Warning Statement
Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before renting pre-1978 housing, lessors must disclose the presence of known lead based paint and/or lead-based paint hazards in the dwelling. Tenants must also receive a federally approved pamphlet on lead poisoning prevention.
Landlord’s Disclosure
(a) Presence of lead-based paint and/or lead-based paint hazards (check (i) or (ii) below): (i) ____ Known lead-based paint and/or lead-based paint hazards are present in the housing (explain):
____________________________________________________________________________________ _____________________________________________________________________. (ii) ____ Lessor has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
(b) Records and reports available to the lessor (check (i) or (ii) below):
(i) ____ Lessor has provided the lessee with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below):
____________________________________________________________________________________ ______________________________________________________________________. (ii) ____ Lessor has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing.
Tenant’s Acknowledgment (initial)
(c) ________ Tenant has received copies of all information listed above.
(d) ________ Tenant has received the pamphlet Protect Your Family from Lead in Your Home.
Agent’s Acknowledgment (if any) (initial)
(e) ________ Agent has informed the landlord of the landlord’s obligations under 42 U.S.C. 4852d and is aware of his/her responsibility to ensure compliance.
Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate.
Signature of Landlord Signature of Tenant Signature of Agent Name of Landlord Name of Tenant Name of Agent Date Date Date
Florida Security Deposit Disclosure
Landlord: ________________________________ [name of landlord]
Tenant(s): _________________________________ [name of tenant(s)]
Address of Leased Premises: ___________________________[address of property]
It is hereby acknowledged by the parties that the security deposit is being held by Landlord in an account not commingled with Landlord's funds (check one selection):
______ In a separate non-interest bearing account in a Florida bank
______ Held in a separate interest bearing account in a Florida bank (Tenant is entitled to 75% of annualized average interest earned or 5% simple interest, whichever Landlord chooses)
Name of bank: ______________________________________________________ Address of bank:____________________________________________________
YOUR LEASE REQUIRES PAYMENT OF CERTAIN DEPOSITS. THE LANDLORD MAY TRANSFER ADVANCE RENTS TO THE LANDLORD’S ACCOUNT AS THEY ARE DUE AND WITHOUT NOTICE. WHEN YOU MOVE OUT, YOU MUST GIVE THE LANDLORD YOUR NEW ADDRESS SO THAT THE LANDLORD CAN SEND YOU NOTICES REGARDING YOUR DEPOSIT. THE LANDLORD MUST MAIL YOU NOTICE, WITHIN 30 DAYS AFTER YOU MOVE OUT, OF THE LANDLORD’S INTENT TO IMPOSE A CLAIM AGAINST THE DEPOSIT. IF YOU DO NOT REPLY TO THE LANDLORD STATING YOUR OBJECTION TO THE CLAIM WITHIN 15 DAYS AFTER RECEIPT OF THE LANDLORD’S NOTICE, THE LANDLORD WILL COLLECT THE CLAIM AND MUST MAIL YOU THE REMAINING DEPOST, IF ANY. IN THE LANDLORD FAILS TO TIMELY MAIL YOU NOTICE, THE LANDLORD MUST RETURN THE DEPOSIT BUT MAY LATER FILE A LAWSUIT AGAINST YOU FOR DAMAGES. IF YOU FAIL TO TIMELY OBJECT TO A CLAIM, THE LANDLORD MAY COLLECT FROM THE DEPOSIT, BUT YOU MAY LATER FILE A LAWSUIT CLAIMING A REFUND. YOU SHOULD ATTEMPT TO INFORMALLY RESOLVE ANY DISPUTE BEFORE FILING A LAWSUIT. GENERALLY THE PARTY IN WHOSE FAVOR A JUDGMENT IS RENDERED WILL BE AWARDED COSTS AND ATTORNEY FEES PAYABLE BY THE LOSING PARTY. THIS DISCLOSURE IS BASIC, PLEASE REFER TO PART II OF CHAPTER 83, FLORIDA STATUTES, TO DETERMINE YOUR LEGAL RIGHTS AND OBLIGATIONS.
Acknowledgment by parties of above information:
Signature of Landlord Name of Landlord Date Signature of Tenant Name of Tenant Date
Exhibit A
Exhibit B
RENTAL INSPECTION CHECKLIST
Complete this inventory checklist as soon as you sign the lease. Do not move anything into the Premises until after you have filled out this checklist. Take time-stamped pictures of any damages, dents, marks, or problems you find. Ask your Landlord to sign the checklist and/or send them a copy. You should keep the original for your records.
Living Room | Condition on Arrival | Condition on Departure |
Walls and Ceiling | ||
Floor Covering | ||
Windows (curtains, blinds, etc….) | ||
Doors | ||
Light Fixtures | ||
Lamp(s) | ||
Furniture (if applicable) | ||
Baseboards/Moldings | ||
Other: _______________________ |
Kitchen | Condition on Arrival | Condition on Departure |
Stove, Oven, Range, Hood, Broiler, Pans, Burners, etc… | ||
Floor Covering | ||
Windows (curtains, blinds, etc….) | ||
Doors | ||
Light Fixtures | ||
Cabinets/Drawers | ||
Counter Surfaces | ||
Sink, Garbage Disposal, Faucet | ||
Microwave Oven | ||
Refrigerator | ||
Furniture | ||
Dishwasher | ||
Other: _______________________ |
Bathroom | Condition on Arrival | Condition on Departure |
Walls and Ceiling | ||
Floor Covering | ||
Windows (curtains, blinds, etc….) | ||
Doors | ||
Light Fixtures | ||
Cabinets/Drawers | ||
Counter Surfaces | ||
Sink and Faucet | ||
Toilet/Tissue Holder |
Shower and Tub | ||
Towel Racks | ||
Mirror/Medicine Cabinet | ||
Water (heat and pressure) | ||
Dishwasher | ||
Other: _______________________ |
Bedroom | Condition on Arrival | Condition on Departure |
Walls and Ceiling | ||
Floor Covering | ||
Windows (curtains, blinds, etc….) | ||
Doors | ||
Light Fixtures | ||
Closets (Doors and tracks) | ||
Book Shelves | ||
Molding and Baseboards | ||
Furniture (if applicable) | ||
Mirror | ||
Other: _______________________ |
Other Areas: ________________ | Condition on Arrival | Condition on Departure |
Walls and Ceiling | ||
Floor Covering | ||
Windows (curtains, blinds, etc….) | ||
Doors | ||
Light Fixtures | ||
Closets (Doors and tracks) | ||
Book Shelves | ||
Molding and Baseboards | ||
Furniture (if applicable) | ||
Doorbell/Knocker | ||
Mailbox (check lock) | ||
Yard, Patio, Deck | ||
External Doors and Locks | ||
Outside Lights | ||
Other: _______________________ |
Move in:
Tenant Signature Tenant Name Date Accepted and acknowledged by:
Landlord Signature Landlord Name Date