New Mexico Lease with Option to Buy Agreement

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The New Mexico Lease with Option to Buy Agreement is an agreement between the parties that would allow the landlord to lease the property and the tenants may choose, at the end of (or during) the lease, to purchase the property if possible. This form may be used to clarify all the terms and conditions regarding the use of a residential property as the agreement would begin as a lease. The form will outline all the monthly payment information and maintenance responsibilities just as a lease would, however, in this case there would be additional information explaining how the tenant(s) may have the opportunity to purchase the property from the landlord during or at the expiration of the lease and what the purchase price would be at expiration. Rental payments may or may not go toward the payment of the property. If either party is unsure about any aspect of the lease to purchase form, they may choose to consult with their respective attorney’s before moving forward.

How To Write

Step 1 – Property Location – Download the form and begin establishment of the document by writing or typing in black ink only, the complete of the address in consideration.

  • Carefully read and review statements 1 through 4 at the beginning of the document. If all parties understand and agree, then proceed

Step 2 – To begin – Date the Lease With Option to Buy Agreement in mm/dd/yyyy format. Enter:

Landlord’s/Seller’s Information as follows:

  • Names of Landlord’s/Seller(s)
  • Street Address
  • City/State/Zip Code
  • Phone Number
  • Email Address
  • AND

Principal and Co-Applicant (if any)

  • Principal Applicant Name
  • Street Address
  • City/Sate/Zip
  • Phone Number
  • Email Address
  • AND
  • Co-Applicant Name (if there is a Co-Applicant)
  • Street Address
  • City/Sate/Zip
  • Phone Number
  • Email Address

Step 3 – Landlord/Seller and Tenant/Buyer Agreement –

  • Enter the date of the document in mm/dd.yyyy format
  • Review the paragraph
  • Enter the property address
  • Each landlord/Seller and Tenant/Buyer must initial at the bottom of the page
  • Continue to read the remaining portion of the agreement

Step 4 – Titled Sections – All parties must carefully review all of the following sections:

  • Lease with Option to Buy Agreement Terms; Defaults Terms; Defaults
  • Accrued Interest
  • Additional Monthly Charges Added to The Rent Under This Agreement
  • Option Consideration (Option Fee)
  • Each landlord/Seller and Tenant/Buyer must initial at the bottom of the page
  • Deposits
  • Exclusivity
  • Utilities
  • Maintenance and Repairs
  • Disclosure of Information on Lead Based Paint
  • Purchase Price – Enter the agreed purchase price in the event the tenants choose to purchase
  • Notice to Exercise Option – Should the tenants choose purchase, they must have delivered in writing their notice of intent – A specific closing date must be included
  • Enter the notice to landlord(s)/Seller(s) information as requested in this section
  • Appliances, Furniture, Equipment, Fixtures and Property
  • Each landlord/Seller and Tenant/Buyer must initial at the bottom of the page
  • Financing
  • Remedies Upon Default
  • Binding Effect of This Option to Buy Agreement
  • Amendment of Lease
  • Entire Agreement
  • Governing Law and Limitations to Recourse
  • Independent Professional Advice
  • Miscellaneous – Statements A through F
  • Each landlord/Seller and Tenant/Buyer must initial at the bottom of the page
  • Form, Extent, Application, Interpretation and Dispute of Fact

Step 5 – Signatures – Once all of the titled information has been reviewed and agreed upon all parties must provide the following:

Landlord(s)/Seller(s) –

  • Landlord(s)/Seller(s):
  • Sign Name
  • Date Print Name(s)
  • AND

Tenant(s)/Buyer(s) –

  • Tenant/Buyer:
  • Sign Name
  • Date
  • Print Name

Each landlord/Seller and Tenant/Buyer must initial at the bottom of the page


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