North Dakota Lease Agreement plus Option to Purchase

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The North Dakota Lease Agreement plus Option to Purchase is a legal document that is created between a landlord/owner and tenant, that provides a leasing tenant, the option to purchase the leased property anytime during the lease period or the period specified by the owner. The agreement will advise how long the option to purchase will be open to the tenant(s) and usually what percentage of all of the rental payments will be applied toward down payment of the property. The agreement should be expected to be structured much like a standard inasmuch as it will detail all responsibilities with regard to the tenant as well as the responsibilities with regard to the landlord. If the information in the document is not clear to the tenant, they may choose to consult with an attorney to ensure that they are confident that they clearly understand the document they will be signing.

How To Write

Step 1 – Download the document-

  • Enter the date the agreement is being completed in mm/dd/yyyy format
  • Enter the seller/landlord’s name
  • Enter the buyer/tenant’s name(s)
  • Enter the county in which the property is located
  • Enter the City
  • Enter the street address of the property
  • The tenant should read the next two paragraphs whereas the document proposes the possibility of purchase

Step 2 – Rent – Provide the following information:

  • Enter the annual amount of the rent on the property
  • Enter the dollar amount to be paid monthly
  • Enter the day of each month the rent is due
  • Enter next, the security deposit amount

Step 3 – Utilities and Services – Enter:

  • The utilities and services that the tenant will be responsible to pay on time
  • Specify the utilities and/or services the landlord will provide
  • Tenant must carefully read and agree to the remaining portion of this section to include further agreement by the tenant, statements A through G

Step 4 – Option Term – Enter the following:

  • Beginning date that the option becomes available through
  • The expiration date of the option to purchase
  • Tenant must read and agree to the Notice Required to Exercise Option
  • Enter the non-refundable fee amount that will be paid to the landlord, but will be applied to purchase price if the option to purchase is exercised

Step 5 – Purchase Price – Enter:

  • The agreed purchase price
  • Enter the amount due at closing of the option purchase

Step 6 – Titled Sections – The tenant(s) must carefully review the titled sections prior to submitting any signatures in agreement:

  • Exclusivity of Option
  • Closing an Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Acknowledgements
  • Timing
  • Governing Law and Venue (enter the county where any possible disputes will be settled)
  • Option to Purchase Controlling
  • Landlord – Tenant
  • Entire Agreement

Step 7 – Signatures –

  • Seller/Landlord’s Signature(s)
  • Print Name(s)
  • AND
  • Buyer(s)/Tenant(s) Signature(s)
  • Print Name(s)
  • AND
  • Agent’s Signature
  • Print Name
  • AND
  • Witness’ Signature
  • Print Name

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