Indiana Lease to Own (Option to Purchase) Agreement Template

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The Indiana Lease to Own Agreement is a template set to structure the language needed by a Potential Buyer or Tenant and Seller or Landlord to define how a lease with the option to purchase the rented property will operate for the duration of the rental period. Such documentation has been handled by dividing the template into several article paragraphs that will seek out your input when situation-specific details are necessary to supplement its language. The details you produce to these areas will serve as the definitions that each Signature Party directly participating in the lease must agree to follow. Once signed, this document will expect and obligate each Signature Party to adhere to the details you produced to complete its wording.

 

How to Write

Download: Adobe PDF, MS Word (.docx), OpenDocument

Step 1 – Acquire A Template To Develop An Indiana Lease To Purchase Option Agreement

The “PDF,” “Word,” or “ODT” buttons coupled with the preview of the document needed to address an agreement’s purchase option will each deliver access to the file version of the namesake. Determine whether your system is compatible with the “Adobe PDF,” “Microsoft Word,” or “OpenDocument” version then download it by selecting either the buttons or links presented on this page.

 

Step 2- Document This Option’s Formal Agreement Date

Open the document you obtained using the editing program you will work with to prepare the lease option for signing. Once you are ready, locate the bracketed label “Month, Day, Year” in the first sentence underneath the title. Input the month, the calendar day (i.e. 1, 2, 3), and the year that should be associated with this document’s effect on this line.

 

Step 3 – Submit The Name Of The Property’s Seller Or The Landlord

The next concern of this statement will be the legal identification of the Sell or Landlord with the authority to lease the property. The second empty line in the first statement requires this Entity’s full name. Therefore, if this is a property management company make sure the name you record includes the appropriate suffix. Similarly, if you are reporting the name of an individual Seller or Landlord, then input his or her first, middle, and last name on this line.  

 

Step 4 – Deliver The Interested Buyer or Tenant’s Name To This Paperwork

The declaration being made by this first sentence will also need the full name of the Buyer or Tenant who will sign the lease. This Party’s full name should be produced as the contents of the line attached to the label “Buyer/Tenant.”   

 

Step 5 – Discuss The Property Location

Continue past the first statement to the paragraph beginning with the term “Whereas, Seller/Landlord Is The Fee Owner…” The first two available spaces here seek your report on the general geographic location of the property being discussed. Report the “County” then the Indiana city or region where the property is physically located on the first and second blank lines respectively.    

 

Step 6 – Further Define Where The Property Is Found

The building number, street name, and (if applicable) suite number where anyone can physically view, visit, or access the property should be furnished to the empty line between the term “…Having A Street Address” and the label “The Property.”   

 

Step 7 – Define The Annual Rent Expected For The Property

Several paragraph items in this agreement necessitate some attention on your part. Keep in mind the information you record here will be set in the lease agreement and both Parties will be obligated by signature to abide by the terms completed with your entries. Begin with the first item, “1. Rent,” where you must type the rent that must be paid over the course of one year on the first blank line.      The second blank line in this item is located within a set of parentheses and displays a dollar sign. Use this line to report the yearly rent amount numerically.    

 

Step 8 – Detail The Rent As A Monthly Amount

After defining the annual amount expected, the monthly rent that must be paid will be needed to continue this statement. Write out how much the Seller or Tenant you identified above must pay every month to the Seller or Landlord on the empty line following the words “…In Monthly Payments Of” then re-enter it numerically on the space in the parentheses.  Lend further definition to the monthly rent expected by recording the calendar day of the month when the Seller or Landlord expects its full payment from the Buyer or Tenant. The third blank line (after the wording “…In Monthly Payments Of” and “Day Of Each Month…”) is set to accept this entry.

 

Step 9 – Address The Security Deposit

Article “1. Rent” will continue its requests for information with two final blank spaces. Here, we will document precisely how much the Seller or Landlord expects the Buyer or Tenant to submit as a security deposit so this lease may be entered. Locate the terminology “…Pay A Security Deposit Of” then report the security expected by first spelling it out then inputting it numerically to these lines.   

 

Step 10 – Report The Utility Obligations Of Each Party

A basic negotiation that occurs between Seller/Landlords and Buyer/Tenants is naming the party responsible for the utilities that a property requires. For instance, electricity, garbage, maintenance are all reasonable considerations that must be discussed and documented. If the Tenant will be held responsible to financially maintain a specific utility or service, then report each one on the first set of blank lines in the second article “2. Utilities And Services.” Notice the language here will assign the Tenant with the obligation for paying for each item you list here.      After documenting the Buyer/Tenant’s responsibilities for utilities and services, the Landlord’s obligations in this matter should also be reported. Seek out the statement beginning with “Landlord Shall At Its Expense…” then name each property utility and service the Seller or Landlord will pay for while the lease is in effect. 

 

Step 11 – Distinguish The Life Span Of The Option To Purchase

The option to purchase the property is generally in effect for a limited amount of time. This is a measure that will prevent the Seller or Landlord from losing the chance to sell the property should the Potential Buyer or Tenant decide against pursuing the purchase. The first calendar day when the Buyer or Tenant has the option to pursue purchasing the property must be documented in the fourth item of this agreement (titled “4. Option Term”). Locate the first empty line after “…Period Commences On” then furnish this date as a month and calendar day then the year.    The empty line directly under the option’s start date is set to define its termination. The final calendar date when the Potential Buyer or Tenant is allowed to purchase the property should be produced as the contents of this line. 

 

Step 12 – Dispense The Purchase Amount

The sixth article of this document, “6. Option Consideration,” will present some language describing the purchase that may occur. This text must be supplemented with your report of the “Non-Refundable” fee the Potential Buyer Or Tenant must submit for the option to purchase to be available. Record this as a written-out amount of money on the first blank line then numerically on the second blank line of this article.

 

Step 13 – Document The Purchase Payments

Now that some preliminary information describing the option has been solidified, we must proceed to the seventh item of this agreement. Seek out the first two blank lines in after this article’s title, “7. Purchase Price,” then write out the amount the Potential Buyer or Tenant must pay to purchase the property on the first one and enter it numerically on the second one.     In addition to a report on the full “Purchase Price” of the property, a benefit to the Potential Buyer or Tenant must be documented. Locate the phrase “…Purchase Price At The Closing Sum Of” then use the available spaces that follow to record how much money will be credited back to the Potential Buyer or Tenant as a result of the monthly rent that was paid on time. As with the previous reports, write this amount out on the first line after this phrase then produce it numerically on the line that follows. 

 

Step 14 – Solidify The Indiana Jurisdiction For This Agreement

The Indiana County where this agreement will be held to account should any legal disputes occur must be specified on the blank line in “17. Governing Law And Venue.” 

 

Step 15 – The Participating Seller Or Landlord Must Execute This Paperwork

Now, take a moment to review the above information you supplied to this document. Once done, submit this for review to the involved Seller or Landlord, Buyer or Tenant, and Agent. If all three parties agree the above details are accurate then each must execute this agreement to place it in effect. The Seller or Landlord responsible for the property must attend the first signature area underneath the last article (“19. Entire Agreement: Modification”). The Seller or Landlord must sign his or her name on the blank line attached to the bold label “Seller/Landlord’s Signature” then print his or her name on the line below it.   

 

Step 16 – All Buyer Or Tenants Must Participate In The Execution

Every Potential Buyer or Tenant must also engage in this document’s execution. If he or she will abide by the above agreement as it is presented, then the “Buyer/Tenant’s Signature” line must be signed by the concerned Buyer or Tenant. Once done, the line below it must be presented with his or her printed name. Two signature areas have been provided here, however, if more Potential Buyers or Tenants were named in the first article make sure to produce and insert the appropriate number of signature areas. Any party not signing this agreement will not be able to benefit from it.

 

Step 17 – The Agent Involved Is A Requested Signature

The third signature area has been provided so the Agent overseeing this agreement can satisfy the “Agent’s Signature” and “Print” lines with his or her signature and printed name.

 

Step 18 – A Witness Testimony Will Be Needed To Finalize This Document

Lastly, the Witness who has observed each participating Seller/Landlord, Buyer/Tenant, and Agent sign and print their names must perform the same action to satisfy the authenticity of this signing. The “Witness’s Signature” and “Print” lines are set at the bottom of this page to receive these items from the Witness. 


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