Wisconsin Residential Lease Agreement with Option to Purchase

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The Wisconsin Residential Lease Agreement with Option to Purchase is a legal document that begins as a lease between a landlord and tenant with an option to purchase the leased property at some point during the term of the lease. The document provides the information with regard to leasing the rental property and includes a section regarding the option to purchase. The tenant(s) and possible buyer(s) of the property must review and agree to all sections of the document. If the document is difficult for the tenant(s) to understand, it’s recommended that the tenant(s) consider employing an attorney for review, explanation of the document and/or possible representation.

How To Write

Step 1 – Parties

  • Enter the date of the preparation of the document in mm/dd/yyyy format
  • Enter the name of the Seller/Landlord
  • AND
  • Enter the name(s) of the Buyer/Tenant(s)
  • Enter the city and county in which the property is located
  • Enter the street address of the premises

Step 2 – Rent – Landlord must enter:

  • The annual amount of the rent
  • The monthly installment amounts to be recognized as rental payments to be paid monthly
  • Enter the day of each month that the rent payments are due

Step 3 – Utilities and Services

  • Enter the utilities and services that will be paid by the tenant(s), included in the rental payments
  • Enter any utilities or services that will be included in the rental payment but will be paid by the landlord
  • Tenant(s) must read the remainder of the section

Step 4 – Option Term – Landlord must provide:

  • The date of commencement of the option to purchase window in mm/dd/yyyy format
  • The date that the option term will expire in mm/dd/yyyy format

Step 5 – Notice Required to Exercise Option

  • Tenant(s) must review this entire section carefully

Step 6 – Option Consideration

  • Landlord must enter the amount of the non-refundable fee to be paid to the landlord

Step 7 – Purchase Price

  • The landlord must enter the agreed purchase price
  • The landlord must enter the amount of monthly rental payments that will be applied toward the purchase price of the property

Step 8 – Titled Sections – Tenant(s) must read, consider and agree to all of the following sections:

  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies Upon 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 9 – Signatures – All of the following must be applied:

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