Residential Lease With Option To Purchase Page 3
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3RESIDENTIAL LEASE WITH OPTION TO PURCHASE
22.
Evidence of Title: Lessor shall provide evidence of Title in the form of a policy of title insurance at Lessor's
expense.
Bill of Sale: The personal property identified in paragraph _________________ shall be conveyed by bill of sale.
23.
24.
Closing: Closing shall be within _________________ days from exercise of the option unless otherwise extended
by other terms of this agreement.
Prorations:
25.
Tax and insurance escrow
account,
if
any,
to be transferred intact to Lessee with no
prorations.
Interest and other expenses of the property to be prorated as of the date of closing .Unpaid real estate
taxes,
security
deposits,
advance rentals, or considerations involving future lease credits shall be credited to the
Lessee.
26.
Expiration of
Option:
This option may be exercised at any time prior to its expiration at midnight
(mo/day)__________________________
(yr)_______________
Upon
expiration,
Lessor shall be released from
all obligations hereunder and all of Lessee's rights hereunder, legal or equitable, shall cease.
27.
Exercise of Option: The option shall be exercised by mailing or delivering written notice to the Lessor prior to
the expiration of this option. Notice, if mailed, shall be by certified
mail,
postage prepaid, to the Lessor at the
address set forth below, and shall be deemed to have been given upon the day shown on the postmark of the
envelope in which such notice is
mailed.
In the event the option is exercised,
___________
percent of the rent
paid hereunder, as well as any security deposit paid prior to the exercise of the option shall be credited upon the
purchase price.
28.
Right to
Sell:
Lessor warrants to Lessee that Lessor is the legal owner of the leased premises and has the legal
right to sell leased premises under the terms and conditions of this agreement.
IN WITNESS WHEREOF, the parties hereto have executed
this
agreement the day and year first above written.
_______________________________________
_______________________________________
LESSEE
LESSOR
_______________________________________
_______________________________________
LESSEE
LESSOR
_______________________________________
_______________________________________
ADDRESS
ADDRESS
Washington Landlord Association
WLA 65
Page 3 of 3
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