Texas Lease Agreement with Option to Purchase Form

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The Texas Lease Agreement with Option to Purchase is a legal document that is designed to initially act as a regular residential lease, the difference being, with this particular document, the tenant(s) will have a window of time within the lease (in many cases for the term of the lease) in which they would be able to give notice to their landlord and make arrangements to purchase the property they are leasing. This works well for those tenant(s) who may need a little more time to arrange for payment of the property. It also allows them the opportunity to opt out should they so desire. Tenant(s) should read this agreement closely prior to signing to be certain that they understand how this procedure works. If at any point they find that they are unclear with regard to the language of the document, they may choose to consult with an attorney for clarity.

How To Write

Step 1 – Parties – Enter the following information:

  • Enter the date that the document is being completed in mm/dd/yyyy format
  • Provide the name of the seller/landlord
  • Provide the name(s) of the buyer(s)/tenant(s)

Step 2 – Property Information – Provide:

  • The name of the county wherein the property is located
  • The name of the city where the property is located within the state of Texas
  • Enter the complete street address
  • Tenant(s) should read the remainder of this section carefully

Step 3 – Rent – Landlord must enter the following information:

  • Enter the total amount of the rent
  • Enter the amount, after divided, of the monthly installments that will be paid as rental payments
  • Enter the amount of the security deposit that will be held until the end of the lease

Step 4 – Utilities and Services – Landlord must provide the following information:

  • Enter the utilities and services that will be the responsibility of the tenant(s)
  • Enter any utilities and services that will be paid by the landlord specifically
  • Tenant(s) should read and agree to the remainder of the section

Step 5 – Titled Sections –

  • Tenant Further Agrees (A through G)
  • Option Term  – Landlord must enter commencement date and expiration date of the option to purchase window in mm/dd/yyyy format)
  • Notice Required to Exercise Option
  • Option Consideration (Landlord must enter the non-refundable fee for option to purchase)
  • Purchase Price (Landlord must enter the agreed purchase price of the property, as well, any amount that the landlord is willing to take from monthly rental payments to place toward the purchase price if the tenant(s) purchase)
  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Acknowledgements
  • Timing
  • Governing Law and Venue
  • Option to Purchase Controlling
  • Special conditions
  • Responsibilities of Landlord
  • Parking Rules
  • Entire Agreement: Modification

Step 6 – Signatures – Both parties must provide the following:

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

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