West Virginia Lease Agreement with Option to Purchase

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The West Virginia Lease Agreement with Option to Purchase is a legally binding document that will initially act as a lease, with the exception that there will be an available window, during the lease, that the tenant(s) will have an option to express their intention and act upon that intention to purchase the property in which they reside. This agreement is useful to those who would like to purchase but need more time to prepare to purchase. The tenant(s) should thoroughly review the agreement before signing. If the language of the agreement seems questionable, it’s recommended that the tenant’s employ the services of an attorney to clarify and provide proper legal advice.

How To Write

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

  • Date the document in dd/mm./yyyy format
  • Enter the name of the Seller/Landlord(s)
  • Enter the name(s) of the Buyer(s)/Tenant(s)
  • Provide the County in which the property is located inside of the state of West Virginia
  • Enter the physical address of the property, complete with city, state and zip code
  • Review the remainder of the section

Step 2 – Rent – Landlord must provide:

  • The amount of the rent on an annual basis
  • The amount of the rent in monthly installments
  • The day each month that the rent is due
  • Landlord must enter the amount of the security deposit

Step 3 – Utilities and Services – Landlord must state:

  • All utilities that the tenant’s would be responsible to pay
  • Landlord must enter what utilities and/or services would be paid and included as part of the rent payment
  • Read the remainder of the section to include further agreement by the tenant (A through G)

Step 4 – Option Term –  Landlord must specify:

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

Step 5 – Titled Sections – Tenant(s) must read and agree to all other sections of the lease:

  • Notice Required to Exercise Option (to purchase)
  • Option Consideration (landlord must enter the amount of the non-refundable fee to be paid to the seller)
  • Purchase Price –  (landlord must enter the agreed purchase price -Landlord must also enter the amount of each rent payment that will be applied toward the purchase price)
  • Exclusivity of Option
  • Closing and Settlement
  • Financing Availability
  • Financing Disclaimer
  • Remedies Upon Default
  • Commission
  • Recording of Agreement
  • Acknowledgement
  • Timing
  • Governing Law and Venue
  • Option to Purchase Controlling
  • Entire Agreement

Step 6 – Signatures –

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

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