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to the specifications listed below to the same Bidder by the expiration date of the option. In consideration for this consideration, Seller/Landlord is entitled to sell, transfer and assign the Property in a commercial transaction to Buyer/Tenant, but only for a price that reflects the price Bidder desires to pay for similar similar properties. The rights of Seller/Landlord are expressly reserved. BY USING THIS OPTION YOU ACKNOWLEDGE THAT YOU HAVE ACCEPTED THIS AGREEMENT ON BEHALF OF ALL BIDDER(S), BOTH IN PERSON AND THROUGH BINDING ARRANGEMENTS. ALL CHANGES TO THIS AGREEMENT OR ANY TERM OR PRECEDENT THEREIN WILL NOT TAKE EFFECT UNLESS IT IS IN WRITING TO BIDDER AND SIGNED BY BIDDER AND SENDER. S. 2838 29 A. 3314 EITHER BIDDER, OR HIS/HER RESPECTIVE LEGAL REPRESENTATIVES, MAY ENJOIN, APPLY FOR, AND RECOVER FROM S. 2838 29 A. 3314 THE TERMS AND CONDITIONS SET FORTH IN THIS OPTION AGREEMENT, SO AS TO AMEND, MODIFY, OR TERMINATE THIS AGREEMENT, WHICH MAY BE DISREGARDED WITHIN SIX (6) MONTHS FROM THE DATE THAT YOU BID. IF YOU ARE NOT ACKNOWLEDGABLE UNDER THE TERMS OF THIS SECTION 2838 29 A. 3314, THEN YOU MAY NOT USE THIS OPTION. IN THAT CASE, YOUR PARTICIPATION IN THE TERMS OF THIS OPTION AGREEMENT SHALL HAVE NO EFFECT, AND YOU AGREE THAT S. 2838 29 A. 3314 SHALL NOT APPLY TO YOU. B. DESCRIPTIONS OF THE PROPERTIES. (A) THE PROPERTIES ARE THE FOLLOWING: (i) The property consists of a single flooring, roof, plasterboard walls, and floor covering. All furnishings or fixtures have been removed or left untouched. There is no electrical, ductwork, plumbing, heating, or other equipment. (ii) The properties are for sale on a vacant building basis, and have an initial purchase price of $4,050,000.00. (iii) The property is subject to all zoning, permitting, and inspection requirements. (B) IN CASE OF INCOR

Hey guys Claude diamonds here with another lease purchase tip one of the questions I'm asked most often is what should be in a good lease purchase contract most of the contracts i see that there are generic there either overcomplicated they there they're about as thick as the Bible and they just have too much junk in them and when people don't understand what they're signing and when you're negotiating a deal what happens they bring in mr. lawyer then things get complicated they get expensive what should be in a good lease purchase contract is simplicity okay keep it simple what are the best contracts that I use is only three pages long I designed it myself a good lease purchase contract should first of all have the basics it should have the name of the parties okay what is your name the buyers name or the tenant buyers name what is the corporation's name it should have a description of the property that you're transacting on okay it should have the price and terms it should have a date and it should have signatures at the end of the contract okay just the basics the price the terms the date the signatures okay and basically you could do a lease purchase agreement on a bar napkin if you have all the specific terms you have it bound by some kind of consideration unilateral or bilateral and you then have a performing contract something that you can use now in my contracts I put other things in there I have something called a right of assignment when I'm negotiating as an investor I want to be able to do a lot of different things with the contract I want to be able to of course control it without having to buy it that's the beauty of a lease-purchase we want to be able to rent the property to somebody else that's subletting maybe we want to rent it with an option that's a sandwich please maybe we want to sell the property we can call that we can sell the week and then sell the property if we want if we have the right contract maybe I want to sell the contract or we call that an assignment and overall you have to have a very specific assignment clause so that you have all these different rights that you can do with this property somebody else bought it but now you control it you didn't have to get the mortgage you didn't have to go to the bank you didn't have to get the 10 lawyers and the title and the escrow company that's the beauty of a lease purchase if you have a good agreement you want to have certain things in there to protect yourself disclaimers indemnification confidentiality of force majeure clauses these are things that I can get into maybe another video but right now keep the basics keep the terms very simple keep your contract short use large lettering okay some of the things I use in my contracts you know so people can read it guess what happens when you use a short concise easy-to-understand contract the person signs it okay the customer the prospect the person you're doing business with will sign it because they understand it so...

A Lease-Purchase Contract, also known as a Lease Purchase Agreement, is the heart of rent-to-own properties. It combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract.