RETURN TO HOMEPAGE
LEASE WITH OPTION FOR FINAL PURCHASE
Maybe you do not have the entire
balance of money needed to purchase a piece of land. We do offer a Lease
with Option to Buy. This lease option requires an initial payment as
indicated. All lease terms are for up to a 7 year period. This is a land
lease, not a purchase agreement. At the end of the lease, you have the
option to buy the land for $1.00.
Payment is due by the first of each month.
Please send
your payment on time. There is a $150 late fee for payments received after the
7th of each month.
If your monthly payment is 30 days overdue, the lease is "in default" and
terminated. No monies will be returned or refunded for ANY reason.
The land can then be resold without recourse. You will receive no money
from the resale of the property. It is important to pay your lease
amount each month. You will not own the land until the end of the lease
term or final payment is made.
If you decide that you want to take possession of the property sooner than the
lease term expires, you will receive a 10% discount on the remaining balance of the lease
amount. There are no discounts applied for leases that expire within 12
months. Essentially, you have the option to terminate the lease early by
paying the amount due.
Your responsibilities include:
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Paying the property taxes during the lease term. |
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Maintaining a general liability insurance policy on the land in case
of injury. I am to be added as an "additional insured."
You assume all liability for the land. |
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Using the land for legal purposes. The lease is immediately
terminated upon any illegal use of the property. |
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You cannot build a structure or make any permanent enhancements to
the property without my permission. |
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The property shall not be used for storage or dumping. You shall
keep the property clean and free of debris. |
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You shall not use the land for any commercial purposes without my
permission. |
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You cannot sublease or rent the property. |
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All State and County laws and codes must be obeyed. |
At the end of the lease term, you have two options for
completing the transfer:
1. I can transfer the land to your name via deed. Currently, this
will cost you $199.99 for the transfer fee. This may rise after 7 years.
2. You pay for Title Insurance and Escrow Service for the property
transfer. Currently, the cost is about $1,100 for the entire process.
That price does include the
Title Insurance.
At the end of the lease term, you can decide which method you prefer.
Please
email me if you have any additional questions.
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