SAMPLE contract for rent to own or lease to own
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Posted by Paul Schlimme Liberty Homes on June 11, 2000 at 20:18:32:
You could use a standard lease and add an option to buy clause, here is one we use at Liberty Homes in New Jersey.... Provided that lessee is not in default or breach of this agreement, lessor hereby grants lessee the right to purchase the said property for $110,000.00. This option to buy expires with any default under the lease or no later than April 30, 2003. If and when lessee makes settlement on said property, lessor will credit lessor the following amounts toward the purchase price of the property: Of the $1,095.00 monthly payment, $150.00 per month will be credited to the purchase price for the first 12 months of rent, $100.00 per month will be credited to the purchase price for the 2nd 12 months of rent, and $50.00 per month will be credited to the purchase price for the 3rd 12 months of rent, if settlement occurs on or before 4/30/03. This is in addition to the lessee’s deposit of $1,095.00, which will also be credited to purchase at settlement. Paul B. Schlimme
Liberty Homes, Ltd.
http://www.schlimme.com
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