Istockhomes Marketing Ltd. Terms for Contract of Rent to own and Sale of Real Estate

Terms for Contract of Rent to own and Sale of Real Estate

The following is an assortment of terms that are commonly used in preparing written contracts for the Terms for Contract of Rent to own and Sale of Real Estate. By identifying these terms, we aim to assist the vendor of residential real estate and a potential purchaser of that real estate to explore whether a contract of purchase and sale may be entered into. This information does not constitute a legal contract and cannot be relied upon as such by the vendor or the purchaser. This information should form the basis of discussion with your legal professional who will draft a contract of purchase and sale which is suitable for the transaction you seek to conclude, and which contains terms which are recommended in the jurisdiction where the real estate is located.

Whereas, Renter and Owner intend that ownership of the property shall transfer to Renter upon the full completion of this agreement,
Now, therefore, the parties agree as follows:

Name of Purchaser:

Name of Vendor:

Civic Address of Property:

Legal Description of Property:


Purchase Price:

Deposit Amount:

Completion Date:

Adjustment Date:

Possession Date:

Included Items:








Subject Conditions Required by Purchaser:






Subject Conditions Required by Vendor:


 

Renter shall pay Owner the sum of $on MM__________ /DD/______ YYYY___________ and the same sum of $on the ________ day of each month for rental of the property.


If payment is late by more than three days, a late fee of $shall be due immediately from Renter.


The parties agree that if Renter fails to complete the contemplated purchase of the property for any reason, no refunds or credits shall be due to Renter.


Renter shall maintain the property, at Renter's expense, in clean, good working order.


Renter shall indemnify and hold harmless Owner against any and all claims, damages, or actions arising from Renter's possession or use of the property.


The parties agree that a portion of each month's rent payment shall be applied towards purchase of the property. see attached mortgage document (Please feel free to use The Istockhomes Mortgage Calculator to work out your payment schedule. )


If the renter fails to make a payment withindays of its due date, Renter agrees to surrender the property to Owner upon the Owner's demand.


If Renter fails to make a payment withindays of its due date, Renter agrees that Owner shall have the right to enter Renter's property for the purpose of taking possession of the rented property.


In witness to their agreement to the terms of this contract, the parties affix their signatures below:

Owners Signature __________________

 

Purchasers Signature ___________________

 

Name and Signature of third party Legal representative ___________________


Disclaimer: These terms are provided for informational purposes only and should not be relied on as legal advice. The sample terms cannot and do not address the unique facts and circumstances of your specific situation and should not be relied on for your particular transaction. We make no claims, promises, or guarantees about the accuracy, completeness, or adequacy of any information contained in these terms. Therefore, you should not use the sample terms without first obtaining the advice of a competent real estate solicitor. By utilizing these materials, you: (i) assume full responsibility for any loss, damage, or liability resulting from the use of these sample terms; and (ii) release Istockhomes Marketing Ltd., its contributors, agents, licensees, successors and assigns from any and all known or unknown claims, demands or causes of action that may arise, at any time, out of or relating to your use of any of the sample terms.