Virginia Lease Purchase Agreement Form
The Virginia Lease Agreement with Option to Purchase is a legal document that acts as a lease agreement with the option for tenants to effectively acquire the property at a later date in the term of the lease. The document contains not only the terms and conditions of a traditional lease, but also information on the possibility of acquiring the property. Tenants should carefully check all sections of the document. If tenants are unsure at any point in the language of the document, they may consider consulting with a lawyer for legal advice. B. The information is provided at the time or before the conclusion of the lease. 4. A brief description of the rental property sufficient to identify the property to the consumer and lessor, including, if applicable, an identification number, and a statement indicating whether the property is new or used, but a statement indicating that new real estate is being used does not constitute a violation of this chapter; C. Information must be provided in a clear and visible written manner and a copy of the rental agreement must be sent to the consumer. The information required under paragraph A of page 59.1-207.19 must be provided on the counter-representation of the contract above the line for the consumer`s signature. The tenant`s option to purchase has a price.
The tenant must pay the lessor “option money” or some kind of option or bonus money. This consideration can be a specified amount that is paid in advance – usually between 2.5% and 7% – or may be a portion of monthly rents. While the tax or premium is non-refundable, it can normally be used as a credit on the purchase price if the option is exercised. (The Virginia Legal Aid Society offers an information manual on renting clean housing, which can help landlords/takers better understand the concept of state laws with respect to the lease.) Be sure to read the text of the agreement carefully. Some leasing contracts create an obligation, not the OPTION, to buy the property. “cash price,” the price at which the owner would have sold the property to the consumer in cash at the time of the lease. As a lease-to-own is a kind of combination between a rental agreement and a real estate purchase agreement, there are many details that you need to include. Make sure all the details below are included when developing your contract. 12. a declaration that the consumer can terminate the contract without penalty by voluntarily handing over the property after the expiry of a rental period, as well as any late rents, or by returning it in good repair; and 13.
communication on the right to resume an agreement, as stipulated in the schedule. 4. A lease or agreement that is involved in legal proceedings. Term. The lease begins on Monday, February 24, 2020 and ends on Wednesday, February 24, 2021, with the right to extend or renew this rent extension. During the implementation of the agreement, the terms of this agreement remain fully in force and in force.