Are lease options legal?

A Purchase Lease Option is a legal mechanism that allows someone to control a property and produce income from it, with the right to purchase the property at a later date, but not the obligation to do so.

What to do about a breach of lease agreement?

Sometimes, the next step in the process is to sue the other party for a lease breach. For tenants, suing your landlord for a breach of contract may be the only way to get the landlord to pay attention to an ongoing issue if he has previously avoided addressing it. For a landlord, the eviction process can be a first step.

How does a lease to buy contract work?

A contract in which a landlord and tenant agree that, at the end of a specified period, the renter may buy the property. The tenant pays rent plus an additional amount each month.

Can a landlord sue a tenant for breach of lease?

For example, the tenant’s failure to pay the rent is a serious breach that may leave the landlord no choice but to sue for eviction. However, a tenant running afoul of rules regarding noise levels, parking and common area use would be better addressed through direct dialogue, rather than a lawsuit.

Can a landlord break the terms of a lease?

Just like any other contract, a lease agreement binds both parties, landlord and tenant, to abide by its terms. And, just like any other contract, a lease agreement can be broken. And while most of us are familiar with the repercussions of tenants breaking a lease — late fees,…

When does a landlord breach a lease agreement?

The lease is considered breached when one of the parties fails to meet one of the agreements as set out in the lease’s contract. This can happen on both sides of the agreement and for a number of reasons. As the landlord in a particular contract, you should know your own rights, responsibilities and expectations.

A contract in which a landlord and tenant agree that, at the end of a specified period, the renter may buy the property. The tenant pays rent plus an additional amount each month.

What does lease with option to buy mean?

A lease with the option to buy is a contract with two parts. First, it is a residential lease. Second, the tenant purchases an “option” to buy the home, according to the terms of the option agreement. This purchase is usually non-refundable. In general, the option agreement will say all of the following:

Can a lease purchase agreement be an open ended contract?

Lease-purchase agreements are not usually open-ended contracts. Typically, a lease-option agreement has the option to either purchase or choose not to move forward with the transaction. A lease-purchase agreement, however, usually does not.