South Dakota Lease with Option to Purchase Agreement Form

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The South Dakota Lease with Option to Purchase is a legal document that is written between a Buyer/Tenant and a Seller/Landlord, that will operate as a lease while having the option to purchase the property while they are in the lease. This document will provide all of the protections and responsibility specifications of a lease to both parties. It will also explain how the option to purchase will work, should the tenants decide this is what that would like to do. Tenants should take the time to read through the entire document. If they aren’t sure about how the process works from a legal standpoint, consider contacting and consulting with an attorney for legal advice.

How to Write

Step 1 – Download the document-

  • Enter the date mm/dd/yyyy format
  • Enter Seller/Landlord’s name
  • Enter the buyer/tenant’s name
  • Enter the county
  • Enter the City
  • Enter the street address

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

  • Enter the total annual amount of the rent
  • Enter the monthly installment amounts to be paid
  • Enter the security deposit (refundable depending upon move out circumstance)

Step 3 – Utilities and Services –

  • Enter the utilities and service that the tenant(s) pay
  • Enter the utilities and services (if any) that the landlord will be responsible to pay
  • The tenant(s) must read the remainder of this section (A through G)

Step 4 – Option Term –

  • Enter beginning date of the option offer in mm/dd/yyyy format
  • Enter the ending date of the option offer in mm/dd/yyyy format

Step 5 – Notice Required to Exercise Option –

  • The tenant(s) will be required to pay a nonrefundable fee while they are making arrangements for purchase of the property
  • Landlord must enter the amount of the nonrefundable amount
  • Enter the agreed amount of the monthly rent that the landlord would be willing to put toward the price of the property at the time of the sale

Step 6 – Titled Sections – Tenant(s) must read all of the following section before entering signatures 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 would be heard)
  • Option to Purchase Controlling
  • Entire Agreement

Step 7 – Signatures – Enter:

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

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