How to Write a Lease Purchase Agreement

in Agreement

We all know that a well written and high quality lease purchase agreement is helpful in protecting the interests of both the tenant and the owner. Hence, we should understand that there are some necessary things that have to be kept in mind before writing the perfect lease purchase agreement.

1. Be aware of your state law:

No two states tend to have the same law governing them. There may be slight changes in them if not totally different. So it is necessary that you do not incorporate things that are out of law in case of your state. For example, your state might oppose the usage of lead paint in your house. This has to be mentioned in the agreement too. In fact, it is best to include as many important and minute details as possible in the lease purchase agreement.

2. Bring out clarity in your lease purchase agreement:

It is necessary that the use of language should be official and nothing informal should exist. Use of profane language should be avoided strictly. Choice of words should be very simple and the statements should be as clear as possible. Stick to the best practices of writing. Short-hand has to be avoided too. You should also note that if any ambiguity exists in your lease purchase agreement, then there are chances that the tenant might mistake some of your statements.

3. Inclusion of the maintenance of the property:

It is necessary that you incorporate the details regarding the maintenance of your property. This is to ensure that your property is not misused by your tenant and also acts as a reminder to him to maintain it in a good condition. There are certain other conditions that you can specify too. For example, if at all a pipe bursts, or something else happens, then the actions to be taken are also to be mentioned clearly in the agreement.

4. Inclusion of pet policy:

If you seem to hate pets and do not want them in your compound, then mention that too. If you are a pet lover and would not mind the tenant bring a pet with him, then clearly indicate that as well. Whatever is on your mind put it on paper too. This saves you and your tenant a lot of misunderstandings.

5. Inclusion of details regarding the security deposit:

If you want the tenant to pay some amount as a deposit, indicate it clearly in the agreement itself. The amount you indicate here is final. So think before you can ink.

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Michelle J Scott has 1 articles online

Michelle is a professional writer who is experienced in writing articles for web and ebooks. If you are planning to go for Lease Purchase Agreement, then you should plan and make your decision wisely; As a small mistake can actually cost you thousands of dollars. For more information, please visit: http://www.leasepurchasemadeeasy.com/lease-purchase-agreement.html

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How to Write a Lease Purchase Agreement

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This article was published on 2010/03/26