Residential Lease-Purchase Agreement Form (Page 2 of 2) in pdf

Residential Lease-Purchase Agreement Form Page 2

Additional provisions:

1. Repairs: Tenant shall be responsible for repairs not to exceed $

per year.

2. Title: All documents necessary for title transfer shall be executed and held in escrow with closed escrow

instructions. At closing, taxes, water, sewer, HOA dues and mortgages will be prorated as of date of title

transfer.

3. Inspection: This agreement is subject to final inspection and approval of the property by the Tenant/Buyer

prior to taking possession.

4. Insurance: Landlord/Seller shall protect Tenant/Buyer’s equitable interest by maintaining hazard

insurance upon the property. In the event of destruction in whole or in part of the property, Tenant/Buyer

shall have the option to proceed with the closing and accept the insurance proceeds for said damage, or to

declare this agreement null and void, releasing both parties from any obligations hereunder, except for the

return of monies paid by Tenant/Buyer which shall become immediately due and payable from the insurance

proceeds.

5. Assignment: Tenant/buyer

shall

shall not be permitted the right of subletting or assignment. If

this agreement is assigned with the approval of the Landlord/Seller, Tenant/Buyer shall be released from any

further liability hereunder.

6.Other provisions:

Landlord

Date

Tenant

Date

Landlord

Date

Tenant

Date

Residential Lease-Purchase Agreement Form Page 2