Rhode Island Lease Agreement with Option to Purchase

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The Rhode Island Lease Agreememt with Option to Purchase is a legally binding contract that is created to start it’s term as a lease agreement between a Landlord/seller and Tenant/buyer but provides a window whereas an option to purchase the property will be presented.

A Landlord may use this particular document to provide all of the terms and conditions with regard to the use of a residential property as a rental. This document will also provide all of the vital information with regard to the monthly payment information and any responsibilities to be assumed by both the lessor and the lessee. This document will offer all of the needed information pertaining to the purchase option.

The tenant(s), if they should choose the purchase option, must carefully review this document. If the tenant finds that they’re not completely clear with the language of the lease/option information, they may wish to employ an attorney well versed in real estate law to assist.

How To Write

Step 1 – Download the document- Begin by entering the date of the completion of the document:

  • Enter the name(s) of the Seller(s)/Landlord(s)
  • Enter the name(s) of the Buyer(s)/Tenant(s)
  • The county
  • The City
  • The street address of the property

Step 2 – Rent – The Landlord must provide the following:

  • Enter the total annual amount of rental payments
  • The monthly installment amounts
  • The amount of the security deposit

Step 3 – Utilities and Services – Landlord must provide:

  • Enter the utilities and service that the tenant(s) for which the tenant(s) will take responsibility
  • Enter the utilities and services (if any) the landlord will take responsibility for
  • The tenant(s) must read the remainder of this section along with the any further tenant agreements – (A through G)

Step 4 – Option Term – The landlord will:

  • Enter the commencement date of the offer
  • Enter the expiration date of the offer

Step 5 – Notice Required to Exercise Option –

  • The tenant(s) will be required to pay a nonrefundable fee to the landlord if should they decide to purchase the property
  • The Landlord must enter this amount into this section
  • The purchase price shall be established between the landlord and tenant and the landlord should enterthe amount agreed upon and stated under the Purchase Price section
  • Enter the agreed amount of the monthly rent that the landlord shall put toward the price of the property at the time of purchase of the property

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 possible disputes would be heard)
  • Option to Purchase Controlling
  • Entire Agreement

Step 7 – Signatures

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

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