The parties must conclude a purchase contract. The following points must be negotiated by the tenant and the owner: The residential lease with option to purchase gives the tenant the right to buy the property according to the conditions set out in the contract. The form must be written in accordance with all state landlord-tenant laws, in addition to the rules of the State Real Estate Commission, which generally require that certain disclosure forms be attached. The landlord must present a lease agreement with an option to purchase, which can be signed by both parties. In addition, the parties must bring the following: Remember that this contract is a standard residential lease with the option to purchase the property for a period of time. The buyer is not obliged to buy the property. However, if the buyer decides to buy the property, the seller is obliged to sell according to the terms of the contract. The judicial system that decides on the conditions and execution of these documents must be set out in section « 17. Applicable law and jurisdiction ». Enter the county and state in which this agreement is governed and enforced (if necessary) in the blank line labeled « County » and « State » accordingly. Each member that is a party to this agreement must verify its acceptance and compliance with the conditions. This is handled in the area specified in the last area of the last page. The seller/owner must find the blank lines with the inscription « Signature of the seller/owner » and « Print », sign it and print his name.

Two of these signature areas have been included in case more than one seller/owner is involved. Every seller/owner involved must sign this document, so if there is a third party, make sure an attachment is provided with these signatures, or you can add more space using an editing program. Each buyer/tenant must sign their name and print on the blank lines labeled « Buyer/Tenant Signature » and « Print ». As with the seller/landlord, every buyer/tenant involved must respect this signature area so that there is enough space for two people, but if there is more, make sure that these additional parts also meet the signature requirement by adding an attachment or adding more space. Agents who work with these parties and arrange this lease/purchase must also fill in the signature area with the empty lines « Agent Signature » and « Print ». If more than one agent is involved, make sure everyone signs these documents as well. Finally, the person who witnessed this signature must sign his name and print it on the blank lines that indicate « witness signature » or « print ». Puerto Rico leases are a set of legal agreements designed to facilitate the transfer of real estate from a property owner or manager (usually referred to as an owner) to a temporary owner (known as a tenant). Due to the nature of Puerto Rico in the United States, many of the laws that govern leases can be completely unique. Unlike most parts of the United States, the sale or rental of real estate in Puerto Rico, for example, requires a license directly from the commissioner. Once the rental portion of the contract has been agreed, the parties can meet to determine the terms of the tenant`s option to purchase the property. The tenant and landlord will negotiate the following: The language of the hire purchase generally contains only these conditions on the condition that both parties enter into a purchase agreement in « good faith ».

Disclosure of Lead Paints – Must be attached to the agreement if the property was built before 1978. As with any other lease, the landlord is advised to submit a rental application to the tenant to obtain their personal information in order to conduct a credit, background and penalty check. The introductory paragraph will provide the text to consolidate its date and the parties concerned. Use the first space to document the month, calendar day, and year of this agreement. In the second blank line, the full name of the « Seller/Owner » must be indicated. It is the owner. The blank line entitled « (The « Buyer/Tenant ») must contain the full name of the person who wishes to rent and possibly purchase the property by meeting the requirements of this document. We will use the spaces provided in the second paragraph to present the property that the seller/owner will rent to the buyer/tenant and possibly sell. Start by providing the county and state where this property is located and is physically accessible on the first two empty fields. The blank line after the phrase « These properties have a street address of » must have the building number, street name and (if applicable) the Unite number. While most lease purchase options exist, a serious cash deposit is usually required. At that time, the landlord should be informed of the tenant`s intention to purchase the property directly or through the landlord`s broker.

As a rule, the possibility of buying the property is only available for a predetermined period of time. Specify the first calendar date on which the buyer/tenant is allowed to purchase the property, in a blank line between the word « the period begins on » and the label « month, day, year », and then specify the last calendar date on which the buyer/tenant can purchase this property on the second empty line. The next section that requires special attention, « 6. The « option consideration » should have the amount in written and digital dollars that the buyer/tenant must pay to the seller/landlord for the option to purchase the property under this Agreement. This payment will not be refunded as long as the seller/owner fulfills his obligations and is credited to the purchase price at the time of purchase in favor of the buyer/tenant. Use the blank lines after the words « . A non-refundable amount » to indicate how much the buyer/tenant will have to pay for this option. In the section entitled « 7th Purchase Price », the total amount for which the « seller/landlord » will sell the property in question to the buyer/tenant must be produced on the first two empty fields. This amount must be given first in words and then numerically. The total amount of monthly rent payments made by the buyer/tenant during the lifetime of these documents and applied as credit to the purchase price must also be documented here.

This information should be displayed in the blank lines according to the terminology ». Credit on the purchase price at the conclusion of the sum of. Once the above conditions are agreed, the main elements of the rental part are complete. Several articles are used to define the nature and details of the agreement. Once this Agreement is duly signed, each party shall be bound by the conditions imposed on it. Some of these articles require participant-specific information and the goods that must be provided to them in order to be properly applied. Locate the first item, « 1. Rent, » and then write down the total amount the landlord expects the tenant to pay in the first empty line during the year. Follow this by entering this annual rental amount digitally in the second empty line. Now we will consolidate the monthly amount of rent that the tenant must pay to the landlord during this lease. Note how much money the tenant has to pay each month to the landlord in the empty space, which follows the phrase « In monthly payments from ».

Be sure to enter the monthly rental amount digitally in the blank line after the dollar sign. In addition to the monthly rent amount, document the calendar day of the month when the landlord is waiting for the tenant`s monthly rent payment. As a rule, it is the 1st of the month. The last information required in the first article is the amount of the deposit. Complete the « Tenant Pays a Deposit of » declaration with the amount in written and digital dollars that the buyer/tenant must present to the seller/landlord to rent the property. .