Today many are interested in a certain type of real estate transaction commonly referred to as a “Lease Option”. In this scenario, typically a tenant has the right to occupy the property while at the same time having an option to buy that same property, all on the terms and conditions contained within the Lease Option contract. As a result, the Lease Option document must capture two agreements – the lease agreement and the real estate purchase agreement. It is critical to have a Lease Option that reflects the agreement of both parties on all of the material terms related to the lease and to the real estate purchase. Commonly used forms often exclude some of these material terms and therefore create issues related to the enforceability of the lease, the option, or both. We invite you to visit with a real estate attorney at Bogin, Munns and Munns to ensure your Lease Option is adequately prepared.
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