Common Contracts
1 similar Parking Lot Lease Agreement contracts
Parking lot lease agreement pdfParking Lot Lease Agreement • October 29th, 2021
A leasing-to-own contract consists of two contracts; a leasing contract and an option contract. An option contract is unilateral and binding only on the owner of the property. The tenant offers to purchase a property at a future date for a certain amount of money and the seller agrees not to accept any further offers while the lease is in effect. The tenant has the right to withdraw from the agreement. These contracts are complicated and it is advisable to retain the services of a lawyer. Determine the future selling price. This is not an easy task in an uncertain real estate market. The current market fair value will probably not be accepted if real estate values are rising. If property values are falling, the tenant will be reluctant to make an offer that reflects current prices. Buying options are often used by individuals who currently cannot get a mortgage but hope to do so in the future. Determine the payments. For an option to be legal, there must be significant consideration of
