Utah Lease Agreement with Option to Purchase Form

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The Utah Lease Agreement with Option to Purchase is a legal document that is designed to offer the tenant, who initiates a lease agreement, the option of purchasing the rental property, at some point, during the agreement. This document provides all of the information required for the initial rental agreement as well as the information regarding the purchase option. It is recommended that the tenants read, understand and agree to the document. If the tenant is unsure of what they are signing, they should consider a consultation with a knowledgeable attorney prior to signing,

How To Write

Step 1 – Date and Parties – Provide the following information:

  • Enter a reference date in dd/mm/yyyy format
  • Enter the name of the Tenant
  • Enter the name of the Landlord
  • Select the appropriate box
  • Enter the non-refundable amount that will be required to take advantage of the purchase option
  • Enter the method in which payment is required
  • Enter the name of the brokerage in which the payment would be delivered
  • Phone Number
  • Enter the name of the person who is receiving the payment
  • Provide the date in which payment has been received

Step 2 – Lease – Property – Enter:

  • Enter the address of the rental property
  • Tax ID Number
  • Enter the name of the City in which the property is located
  • Provide the name of the county within the state of Utah
  • Landlord must check the boxes that indicate what items will be included in the rent
  • If there are added items, specify the added item in the line provided

Step 3 – Titled Sections – Tenant(s) must read and agree to all of the sections of the document as follows:

  • Landlord Disclosures (Specify the Disclosures in the line provided on the form)
  • Tenant’s Right to Due Diligence (Check the applicable box)
  • Lease Terms – (Enter the dates of the term of the lease, Occupancy, Lease Payments
  • Late Charge
  • Security Deposit (Landlord must enter the amount of the security deposit)
  • Utilities and Services – (Check all boxes that the landlord will be responsible for and specify any others on the line provided)
  • Use (Specify the use of the residence)
  • Pets
  • Maintenance and Repair
  • Landlord Maintenance Responsibilities
  • Entry and Inspections
  • Waiver
  • Holding Over
  • Default by Tenant
  • Landlord Remedies for Tenant Default
  • Insurance and Risk of Loss
  • Option to Purchase (Enter the agreed purchase price of the property)
  • Option Money
  • Notice of Intent Deadline
  • Payment of Purchase Price
  • Settlement and Closing (7.1 through 7.6)
  • Confirmation of Agency Disclosure (Select all appropriate boxes)
  • Title and Title Insurance
  • Warranties and Representation
  • Additional Terms (Check the appropriate box)
  • Lead Based Paint Disclosure and Acknowledgement (Check the appropriate box)
  • Miscellaneous Terms (Enter into the lines provided – if any)
  • Changes During Transaction
  • Authority of Signers
  • Mediation
  • Attorney’s Fees and Costs
  • Notices
  • Time is of the Essence
  • Complete Agreement
  • No Assignment
  • Governing Law
  • Electronic Transmission and Counterparts
  • Acceptance
  • Contract Deadlines (Enter the dates in which the information is provided)
  • Offer and Time for Acceptance (Enter a final date to accept the purchase option

Step 4 – Signatures for Purchase Option –

  • Tenant(s) Signature(s)
  • Offer Date(s)
  • Print Tenant(s) Name(s)
  • Notice Address
  • Zip Code
  • Telephone Number

Step 5 – Acceptance./Counteroffer/Rejection – Check the appropriate box

  • Enter landlord(s) signature(s)
  • Date mm/dd/yyyy format
  • Time of day
  • Print landlord(s) name(s)
  • Notice address
  • Zip Code
  • Phone Number
  • If the landlord is rejecting the counteroffer, check the box
  • Landlord’s signature
  • Date and time of day

Step 6 – Addendum to Lease with Option to Purchase – Check the appropriate box

  • Complete the sheet according to what is needed and deliver to the other party

Step 7 – Notice of Intent to Purchase Property –

  • Should the tenant(s) choose to move forward with the purchase of the property, complete the form and deliver it to the landlord so that they are aware of the intention to purchase the property
  • Provide tenant(s) signature(s)
  • Date the signature(s) in mm/dd/yyyy format
  • Time of day of signature(s)