Maryland Lease to Own (Option to Purchase) Agreement Form

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The Maryland Lease with Option to Purchase (Lease to Own) Agreement Form allows both parties to enter a lease and a purchase agreement through one document. This can be very convenient for those who dislike extensive paperwork and wish to lessen the impact of exchanging a property for money upon one’s finances and life. Similarly, this document seeks to cover the required and basic specifics necessary for a good leasing arrangement of property. As a result of entering an agreement involving a long term financial arrangement, it is highly recommended to document all terms and conditions on paper. One should note, the Seller/Landlord is also entering a financial commitment as well in that he/she may not sell this property to another party until the termination of the option to buy period and typically before the termination of the lease.

This document shall begin with an introduction meant to assign definitions to some basic facts concerning the agreement itself. Following this will be twenty sections. Many of these will contain disclosures, conditions, responsibilities, and entitlements that are relevant to one or both parties. These should all be read carefully. Some of these sections will require information to be entered since some conditions (i.e. rent, security amount) can be specific to individual parties or properties involved.

It is imperative to this agreement’s success to have fully discussed and agreed to these negotiables before entering them in the spaces provided (and especially before signing!). If there are any additional conditions that are to be a part of the lease contract the signing parties have agreed to, they must be included with the document and named as relevant at the time of signing. It would be a wise precaution to give each such attachment a title, a date, and have both signatures present.

How to Write

Step 1 – Enter the date of the agreement, the Seller/Landlord’s full name, and the Buyer/Tenant’s full name on the three blank lines of the first paragraph in that order.

Step 2 – In the second paragraph, enter the County, the City, and the Street Address the property this contract concerns itself with.

Step 3 – In Item 1, write out the yearly rate of rent then enter it numerically. Next write out the monthly rent charge then enter it numerically. Then in the fifth blank space of this paragraph enter the calendar day of the month the rent is due.

Step 4 – In Item 1, the last two blank spaces in this paragraph are where to define the security deposit amount required to enter this lease arrangement.

Step 5 – In Item 2, list the utilities and services a tenant agrees to maintain and pay for the duration of the lease on the first two blank lines. Then on the last two blank lines of this item, report any utilities and services the Landlord agrees to maintain and pay for the duration of this lease.

Step 6 – Item 3 will define conditions the Tenant must agree to live up to in order to be in compliance with this lease. Both parties should read this part carefully.

Step 7 – In Item 4, fill in the first blank space with the first calendar date the Tenant may purchase the property. On the second blank space, define the last calendar date the tenant may purchase this property. The time period within these two dates is the only one the Tenant may decide to purchase the lease property.

Step 8 – Item 5 gives instruction regarding the notice the Tenant must give to the Landlord if the Tenant has decided to purchase the property. This section should also be read and fully comprehended.

Step 9 – In Item 6 write in the non-refundable amount which the Tenant must give the Landlord for being given the option to purchase the property during the lease.

Step 10 – In Item 7, report the full price the property is being sold for. Then report the credit amount to be applied to this price as taken from the monthly rent payments of the tenant.

Step 11 – Both parties should read and understand Items 8 through 19 fully and be prepared to comply all conditions set forth within them upon signing this lease.

Step 12 – The end of this document will have a space for each Seller/Landlord, Buyer/Tenant, and Agent to sign their names. Note: the Seller/Landlord and Buyer/Tenant must print their names below their signature.


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