Tennessee Lease Agreement with Option to Purchase Form

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The Tennessee Lease Agreement with Option to Purchase is a legal document that is created to begin as a lease agreement between a landlord/seller and tenant/buyer. Included in the language of the agreement would be an option, offered by the landlord, during the lease period, for the tenant(s) to purchase the property.

The document will act as a normal residential lease inasmuch as it will outline terms and conditions and any responsibilities that would be assumed by each party respectively and will detail how the option to purchase would work. Both parties must review all of the information in this lease. If either party finds that any part of it is difficult to understand, either side or both, may wish to consult with an attorney for legal guidance.

How To Write

Step 1 – Download the document-

  • Date the document in mm/dd/yyyy format
  • Enter the name of the Seller/Landlord
  • Enter the name(s) of the Buyer(s)/Tenant(s)
  • Enter the location, by county,where the property is located
  • Enter the City
  • Enter the street address

Step 2 – Rent – Landlord shall provide the following:

  • Enter the total annual amount of rent
  • Enter the monthly installment of the annual amount
  • Enter the amount of the security deposit

Step 3 – Utilities and Services –

  • Enter the utilities and service that the tenant(s) will be responsible to 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 along with the any further tenant agreements (A through G)

Step 4 – Option Term –

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

Step 5 – Notice Required to Exercise Option – Enter the following:

  • If the tenants would like to use the purchase option, they will be required to pay a nonrefundable fee determined by the landlord
  • Landlord must enter this amount into this section
  • The purchase price will be established at the amount stated under the Purchase Price section of the document
  • Enter the agreed amount of the monthly rent that the landlord is willing to place toward the price of the property

Step 6 – Titled Sections – Parties 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 disputes (if any) would be heard)
  • Option to Purchase Controlling
  • Entire Agreement

Step 7 – Signatures

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

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