Mississippi Lease to Own (Option to Purchase) Agreement Form

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The Mississippi lease to own (option to purchase) agreement is a document that is used between the tenant(s) and landlords when the landlord is interested in selling a property and a tenant may be interested in purchasing the property at a future date.

This document, with completion by the landlord, will create a complete, legal agreement between the parties, that will provide both a lease agreement and an agreement to allow the tenant the time to prepare to purchase the property within an agreed time frame, usually six months to one year. It will provide all of the information for both parties, a full lease agreement and sets a deadline for the tenant to notify the landlord of their intention to purchase.

The tenant should carefully review the document before the application of signature(s) to ensure that they understand the language of the document. If they are uncertain, they should consult with an attorney for clarification. One witness is required to be present to sign the document.

How to Write

Step 1 – The Parties –

  • Submit a date that the agreement shall commence (mm/dd/yyyy)
  • Enter the name of the landlord/seller
  • Provide the buyer/tenant’s name(s)

Step 2 – The Property –

  • Enter the name of the county where the property is located
  • Provide the name of the city
  • Enter the property street address

Step 3 – Rent –

  • Enter the annual rent amount
  • Enter the amount of the monthly rental installment
  • Submit the due date of the monthly installment amount
  • Provide the required amount of the security deposit (to be returned if/when the property is vacated and inspected)

Step 4 – Utilities and Services –

  • The landlord must describe the services and/or utilities that the tenant(s) will be responsible to pay
  • The landlord must describe the utility expenses that the landlord is willing to furnish (if any)
  • Review the remaining portion of this section

Step 5 – Titled Sections – Both parties must both read and agree to all of the following Titles. Submit any other required information contained within the listed titles, as follows:

Tenant Further Agrees –

  • The tenant(s) shall review and agree to this section and their respective subsections (a through g)

Option Term –

  • The landlord must submit a purchase option commencement date, -mm/dd/yyyy
  • Submit an expiration date – mm/dd/yyyy

Notice Required to Exercise Option –

  • Review the information at the beginning of this section

Option Consideration –

  • Provide an amount for the non-refundable fee

Purchase Price –

  • The landlord must enter an agreed price for purchase
  • The landlord must enter an amount that the landlord will credit toward (and shall be deducted from) from the monthly rental to the purchase price of the property, upon closing)
  • AND
  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability – (seller/landlord will not promise any type of financing)
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Acknowledgements
  • Timing
  • Governing Law and Venue
  • Option to Purchase Controlling
  • Entire Agreement

Step 6 – Signatures –

  • Upon completion of  by the the landlord and the Tenant(s) – Provide the following:
  • The Seller/Landlord’s Signature(s)
  • The Seller’s printed name(s)
  • AND
  • The Buyer/Tenant’s Signature(s)
  • Buyer/Tenant’s printed name(s)
  • AND
  • Agent’s Signature
  • Agent’s printed name
  • AND
  • The signature of one (1) witness
  • Witness’ printed name

 


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