Virginia Lease Agreement with Option to Purchase Form

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The Virginia Lease Agreement with Option to Purchase is a legal document that acts as a lease with an option for the tenants to actually purchase the property at a later date within the term of the lease. The document not only contains the terms and conditions of a traditional rental agreement, but also the information with regard to the option to purchase the property. Tenants should carefully review all of the sections of the document. If at any point the tenants are unsure about the language of the document, they may consider arranging a consultation with an attorney for legal advice.

How To Write

Step 1 – Parties – Enter the following:

  • The date of the preparation of the lease in mm/dd/yyyy format
  • The name of the Seller/Landlord
  • The name of the Buyer/Tenant
  • The county where the property is located in Virginia
  • The physical address of the property

Step 2 – Rent – Provide the following:

  • Enter the amount of rent to be paid annually
  • Enter the amount of the annual rent to be paid monthly
  • Enter the amount of the security deposit due upon signing of the agreement

Step 3 – Utilities and Services – Enter:

  • Enter all utilities and services that the tenant’s will be responsible to pay
  • Enter the utilities or services supplied by the landlord

Step 4 – Option Term

  • Enter the date in which the option to purchase will commence in mm/dd/yyyy format
  • Enter the expiration date of the option to purchase in mm/dd/yyyy format

Step 5 – Notice Required to Exercise Option

  • Tenant must provide written notice in order to take advantage of the option to purchase

Option Consideration

  • Landlord must enter the amount of the non-refundable fee

Purchase Price

  • Landlord must enter the agreed purchase price of the property
  • Landlord must enter the monthly amount of the rent that will be applied to the purchase of the property

Step 6 – Titled Sections – Tenants must read and agree to all remaining sections of the agreement prior to signing:

  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Timing
  • Governing Law and Venue
  • Option to Purchase Controlling
  • Move in Checklist
  • Entire Agreement

Step 7 – Signatures

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