Indiana Lease to Own (Option to Purchase) Agreement Template

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The Indiana Roommate (Room Rental) Agreement Form may be considered a form template which will define the responsibilities of two or more roommates during the time they have decided to share living expenses by sharing a rental property. This provides a framework for a binding agreement to all the signature parties. Such a document would act as an aid in maintaining a positive roommate relationship for any amount of time as it will define and document the exact conditions and terms of the living arrangement each party agreed to when it commenced. That is, there will be no room for confusion and here say which can be anywhere from detrimental to devastating to any personal relationship the parties may have.

It is worth to mention that just because a roommate has signed this agreement, that individual does not necessarily have an agreement with the landlord or property owner (unless one of them is the property owner). Only the individual holding the lease for the premises with the landlord or property owner has a residential lease contract and the protection such a contract affords the official tenant. Of course, any number of parties may enter a landlord-tenant agreement at the discretion of the landlord. That is, signing a roommate agreement only obligates other roommates and not the property owner.

How to Write

Step 1 – In Section 1. Parties & Property, enter the date of the agreement, the full name of the new tenant, the full name of the landlord/principal tenant, and the full names of all the current tenants which shall be considered roommates.

Step 2 – Once all the party names have been entered, enter the address of the property being leased next to the word “Property.”

Step 3 – Enter the start and end date of the agreement then read the last paragraphs of this section.

Step 4 – In Section 2. Security Deposit, enter the amount of money required to as a security deposit (there will be a space to write it out and a space to enter the dollar amount). Then enter the total security deposit required by the landlord.

Step 5 – In Section 3. Rent, enter the total of all the rent paid to the landlord/property manager per month, the rent amount the new tenant must pay on a monthly basis, and the name of the individual who shall collect the rent from the new tenant.

Step 6 – In Section 4. Utilities, enter the fraction amount a tenant must pay for the utilities then name the utility in the space provided in the first bullet pointed. This should then be done for service in the second bullet point. In the third bullet point, report any utilities the new tenant shall put in his or her name. The final bullet point is where to enter the utilities and services the tenant shall pay for.

Step 7 – In Section 8. Authorization, enter the date this lease has been entered on. Below this, the Principal Roommate/Landlord should sign and print his or her name. Then there will be a space provided for the new roommate to sign and print his or her name. Finally, if there are any other roommates involved in this agreement they should sign and print their names in the space provided.

 


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