A home lease purchase is a document which outlines the nature of the terms and conditions that will govern a home lease. A home lease purchase is a win-win option for both the lessor and the lessee. In such a situation, the lessor lives in the particular house which he will ultimately purchase, paying the remaining amount of the market price of the house that is left after the deduction of his monthly rents. This ensures that both lessor and lessee are spared the trouble of having to find a buyer and a seller respectively and this arrangement works out for both.
Sample Home Lease Purchase:
The following document is a home lease purchase which stipulates that Mr. John Roe [henceforth referred to as the lessee] shall be obliged to purchase the leased residence located at 34 Belvedere Street, Manchester City from Mr. Carson Drew [henceforth referred to as the lessor] at the end of the home lease which is effected between the lessor and the lessee.
The home lease comes to an end on 13th January 2013. After the termination of the home lease, the lessor shall purchase the leased residence for an amount of 4million USD.
The above amount has been conducted after the deduction of the lessee’s total monthly rents paid for the duration of two years [Including inflated rates of monthly rents].
The terms and condition governing the home lease purchase must be read and understood carefully. All documents must be submitted for inspection to court officials.
Signature of lessor: __________________________________________
Signature of lessee: __________________________________________