Once the rental portion of the contract has been agreed, the parties can meet to decide the terms of the tenant`s option for the purchase of the property. Tenants and landlords negotiate the following: 9. REMEDIES UPON DEFAULT. If the buyer/tenant is late on the sale contract or lease under this option, the seller/landlord may terminate this option in addition to all other appeals that are legally available to the seller/landlord or in equity, by written notification of termination. In the event of termination, the buyer/tenant loses the right to reimbursement of the rent or option. For this option to be applicable and effective, the buyer/tenant must comply with all the terms of the tenancy agreement. 5. EXCLUSIVE OPTION. This option on the sales contract is exclusive and non-refundable and exists only in favour of the parties mentioned above. If the buyer/tenant attempts to sell, transfer, delegate or transfer this purchase option without the express written permission of the seller/lesser, such an attempt is deemed to be cancelled. Each related member must verify their recognition and compliance with their terms and conditions. This is dealt with in the area shown in the last section of the last page. The seller/owner must then find the empty lines called “seller/owner`s signature” and “print,” sign and print his or her name.
Two of these signing areas were included if more than one seller/renter is involved. Each seller/renter involved must sign this document so that if a third party is documented, make sure that an installation with these signatures is provided or that you can add more space with a publishing program. Each buyer/tenant must sign and print their name on the empty lines with the labels “Tenant Signature” and “Print.” As with the seller/lessor, each buyer/tenant involved must fill this signing area, so that there is sufficient space available for two people, if there is more assurance that these additional parts will meet the signing requirement, either by adding an appendix or by adding more space. Agents who collaborate with these parties and arrange this lease/purchase must also fill out the signing area with the empty lines called “Agent Signature” and “Impression.” If more than one agent is involved, make sure that each of you also signs this paperwork. Finally, the person testifying to this signature should sign and print their name on the empty lines with the terms “witness signature” and “print” (or). 2. NOTICE REQUIRED TO EXERCISE THE OPTION. To exercise the purchase option, the buyer/tenant must provide the seller/owner with a written communication regarding the buyer/tenant`s intention to purchase.
In addition, a valid deadline must be indicated in the written notice. The deadline must be set before the original expiry date of the lease or the expiry date of the purchase option referred to in paragraph 1, depending on the later date. U.S. National Directory – Use this option to do a national review of an individual or geographic area. If your credit score does not improve, you may lose the option fees and the extra rent years paid. Alternatively, something that is a-control may happen that could affect your purchasing ability, such as job loss or a serious illness.