A residential lease purchase contract is signed between the owner of a residential property and a tenant to whom the property is leased by the owner in exchange for a monthly rent. A residential lease purchase contract specifically means that the premises must be used only for residential purpose, failure to do which will result in the termination of the contract.
Sample Residential Lease Purchase Contract:
This residential lease purchase contract is entered on July 9, 2011 by and between the following parties:
DETAILS OF LANDORD
Name: Philip Richards
Address: 21 Orange County, California
Phone number: 7148293044
DETAILS OF TENANT
Name: Michelle Cane
Address: 210, East Fern High, California
Phone number: 7149283746
Address: 21 Orange Country, California
TERMS AND CONDITIONS
- The landlord hereby agrees to lease the property mentioned above to the tenant in consideration of a payment of $1,000 as monthly rent for using the property, solely for residential purpose.
- The term of the contract is 1 year, commencing from July 9, 2011 and ending on July 9, 2012.
- The tenant agrees to pay the rent within the first 5 days of a month, besides paying the various monthly utility bills.
- Both parties agree on a month’s advance notice.
- The tenant shall be responsible for keeping the property in good condition and the landlord has the right to inspect the property whenever he wishes during the term of the contract.
- It is further agreed that the tenant shall be responsible for all the minor repairs in the house.
Signature: Philip Richard
Signature: Michelle Cane