Maine Lease to Own (Option to Purchase) Agreement Template

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The Maine Lease to Own (Option to Purchase) Agreement Template is a reusable form contract devised to document a lease which gives the Tenant an opportunity to purchase the property being rented during a specific time period. This type of consideration will come at some cost to the Tenant. For instance, a certain amount of money must be paid to the Landlord for providing such a consideration (in a way this contract will also act as a receipt for this payment). Additionally, it is standard procedure for the property that may be sold in such fashion to come with a higher rent. These two additional monies provide a compensation for the Landlord’s time and consideration since the Landlord will not be able to sell the property to an interested party that comes along until the lease is over. That is, the Tenant has a claim on this property until the option to purchase has expired and the Landlord is tied to the agreement of providing the Tenant with this property as a residence until the end of the Lease. While both of these parties will have to give up something for entering this arrangement, there is also quite a bit that may be gained. Both of these parties may enjoy the looser restrictions in property purchase than the standard process set forth by current financial institutions.

How to Write

Step 1 – In the first paragraph, enter the month, day, and year of the lease agreement. Then enter the full name of the Seller/Landlord and the full name of the Buyer/Tenant.

Step 2 – In the second paragraph, enter the county then the city where the property is located in the appropriate areas. Next fill in the street address.

Step 3 – In Item 1 (Rent), report the yearly amount to be received by the landlord as rent on the first two spaces. Next, on the following two spaces enter the monthly amount of rent. Finally, on the last two blank spaces, enter the security amount.

Step 4 – In Item 2 (Utilities and Services), enter the utilities and services each party will be responsible to pay for during the agreement’s lifetime. Report the utilities and services the tenant will pay for on the first set of lines then the utilities and services the landlord shall pay for on the second set of lines.

Step 5 – In Item 4 (Option Term), there will be two blank lines. On the first enter the date the agreement will allow the tenant to purchase the property. On the second, enter the date the agreement will no longer allow this option.

Step 6 – In Item 6 (Option Consideration), enter the non-refundable amount of money the Buyer/Tenant gives the Seller/Landlord to be used as credit at the time of purchase for the purchase of the property.

Step 7 – In Item 7 (Purchase Price), on the first set of blank lines enter the purchase price of the property. On the second set of blank lines enter the amount that shall be credited to the tenant (sourced from previous rent payments).

Step 8 – In Item 17 (Governing Law and Venue), enter the county that shall hold jurisdiction over the lease and the purchase.

Step 9 – At the bottom of the page, each Seller/Landlord involved must sign and print his/her name. Below each Buyer/Tenant participating in this lease must sign and print his/her name. Finally, if an agent and/or witness are involved with this signing that party must sign and print his/her name.