Oklahoma Lease to Own Agreement (Option to Purchase)

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The Oklahoma Residential Lease to Own Agreement is a legal document that is created to begin as a lease between a Lessor/seller and Lessee/buyer and will offer an option to purchase, during the period of the lease agreement for the premises that the Lessee(s) are leasing.

A Lessor may use this document to offer a clear understanding of all of the terms and conditions with regard to the use of a residential property as well as explain the option terms. This document will perform as a lease agreement initially, as it will outline monthly payment information and any responsibilities to be assumed by the lessor/seller and the lessee/buyer.

This document will also offer explanation with regard to how the purchase option will work between the parties and will carefully detail in writing, all of the needed information for both the landlord/seller and the tenant/buyer

The Lessee(s), should they choose this option as a possibility of home ownership, must carefully review, understand and agree to the entitre document before application of signatures. If the Lessee(s) find that they are not in complete understanding with regard to the language, they may wish  to consider consulting with an attorney who specializes in real estate law, to ensure that they understand and are very clear with what they are signing and how it will work to their benefit.

How To Write

Step 1 – Download the document- Provide the following information

  • Enter the date that the document is being completed in mm/dd/yyyy format
  • Enter the name of the Seller/Lessor
  • Enter the name(s) of the Buyer(s)/Lessee(s)
  • Enter the county where the property is situated
  • Enter the City where the premises is located
  • Enter the street address

Step 2 – Rent – Lessor must provide the following:

  • Enter the total annual amount of rent
  • Enter the monthly installment amount of the annual amount
  • Enter the amount of the security deposit to be paid at the signing of the lease option

Step 3 – Utilities and Services –

  • Enter the utilities and service that the lessee(s) will be responsible to pay
  • Enter the utilities and services (if any) that the landlord will be responsible to pay as part of the rental payment
  • The lessee(s) must read and agree to the remainder of this section, along with the any further tenant agreements (A through G)

Step 4 – Option Term – Lessor must:

  • Enter the commencement date of the purchase offer in mm/dd/yyyy format
  • Enter the expiration date of the purchase offer in mm/dd/yyyy format

Step 5 – Notice Required to Exercise Option –

  • The Lessee(s) must begin by delivering notice to the Lessor of their intention to purchase the premises
  • The Lessee(s) will be required to pay a nonrefundable fee to the Lessor
  • Lessor must enter this amount into this section and provide receipt
  • The purchase price shall be established at the amount agreed upon and stated under the Purchase Price section of this contract
  • Enter the agreed amount of the monthly rent that the Lessor is willing to pay toward the agreed price of the property should the Lessee(s) purchase

Step 6 – Titled Sections – Tenant(s) must read all of the following information as follows:

  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies for Default
  • Commission
  • Recording of Agreement
  • Acknowledgements
  • Timing
  • Governing Law and Venue (enter the county where any disputes that may arise will be negotiated)
  • Option to Purchase Controlling
  • Entire Agreement

Step 7 – Signatures

  • Seller/Lessor’s Signature
  • Print Name
  • AND
  • Buyer(s)/Lessee(s) Signature(s)
  • Print Names
  • AND
  • Agent’s Signature
  • Print Name
  • AND
  • Witness’ Signature
  • Print Name

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