Alberta landlords, give your tenant an option to buy their rental premises with this Residential Lease Agreement with Option to Purchase.
- The lease portion is a standard form residential lease, which includes a Premises Inspection Report and a set of Lease Rules and Regulations.
- Option Payments. The tenant can make option money payments (of a stated minimum amount) at any time during the term of the lease, which will be deducted from the purchase price.
- Exercise. The tenant can exercise the option to purchase at any time during the term, but the option can only be exercised if all rent payments are up to date and the lease is in good standing.
- Refund. The agreement provides for a refund of all option payments if the tenant decides not to exercise the option. If the tenant defaults under the lease or fails to complete the sale, the landlord retains a percentage of all moneys paid as liquidated damages.
This Alberta Residential Lease with Option to Purchase
template is available as a downloadable and fully editable Microsoft Word form.