New Jersey Lease Agreement with Option to Purchase Template

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The New Jersey Lease Agreement with Option to Purchase is a document/contract between a buyer and seller that allows the renter to rent the property for an agreed amount of time. At the end of the lease (generally this is a one to three year agreement) the lessee will have the option to purchase the property at a predetermined amount.This option is best for those who would like to become a home owner, but don’t’ have a down payment.

Be cautious while entering into such an agreement, One could do well in this case, if their home value rises and the price was low. Then again, you could enter into this agreement and for some reason the value drops but you will still be in a position to have to purchase the  predetermined amount. In any case, unless you’re well versed in real estate, you may with to consult with an experienced real estate  or consult with a qualified attorney, prior signing.

How To Write

Step 1 – Begin by downloading the document in mm/dd/yyyy format –

  • Enter the name of the seller/landlord
  • Enter the name of the buyer/tenant
  • Enter the name of the City, County, State
  • Enter the complete address of the property
  • Review the information regarding the agreement being entered into

Step 2 – Tenant’s Agreements – Tenancy Agreement – Section 3- A through G

Step 3 – Option Term – Complete the following in this section:

  • The option to purchase period commences on (enter month, day, year]
  • AND
  • expires at 11:59 PM (Enter month, day, year)

Step 4 – Titled Sections for review – Both parties must review all of the remaining information:

  • Notice Required to Exercise Option
  • Option Consideration (enter the fee that the buyer will pay to the seller)
  • Purchase Price (enter the purchase price and the closing costs)
  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability (Buyer must procure their own financing)
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Acknowledgements
  • Timing
  • Venue
  • Option to Purchase Controlling
  • Flood Zone
  • Truth in Renting
  • Window Guards

Step 5 – Entire Agreement- The contents of this agreement shall remain in tact unless otherwise agreed to and changed in writing between the seller and the buyer. After reading this section, enter the following required signatures and printed names

  • Seller/Landlord’s Signature
  • Print Seller/Landlord’s Name
  • Buyer/Tenant’s Signature
  • Buyer/Tenant’s Printed Name
  • Agent’s Signature
  • Agent’s Printed Name
  • Witness’s Signature
  • Witness’s Printed Name