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notice of exercise of option to purchase real estate
what is a notice of exercise of option to purchase?
you're a lucky tenant and your landlord offers you the chance to buy a property before it goes on the market. a notice of exercise of option to purchase lets you give the owner formal notice that you're ready to make a deal.
in a tough housing market, no landlord wants a rental property to sit empty for too long while the mortgage payments keep coming. renting out your units while you try to get a fair offer makes sense. when a tenant comes along who seems like a potential buyer, putting a purchase option in the original lease might pay off for you. once you put the offer on the table, your tenant can use a notice of exercise of option to purchase to take you up on it. if you're a tenant, you're under no obligation to purchase. but if you fall in love with the property and you're in a position to buy, you won't have to compete with other buyers to make it yours. mail a notice of exercise of option to purchase to your landlord and start negotiating.
in a tough housing market, no landlord wants a rental property to sit empty for too long while the mortgage payments keep coming. renting out your units while you try to get a fair offer makes sense. when a tenant comes along who seems like a potential buyer, putting a purchase option in the original lease might pay off for you. once you put the offer on the table, your tenant can use a notice of exercise of option to purchase to take you up on it. if you're a tenant, you're under no obligation to purchase. but if you fall in love with the property and you're in a position to buy, you won't have to compete with other buyers to make it yours. mail a notice of exercise of option to purchase to your landlord and start negotiating.
when to use a notice of exercise of option to purchase:
- you are currently leasing property and would like to proceed with purchasing this property from the owner.
sample notice of exercise of option to purchase
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notice of exercise of option to purchase
,
date:
,
| to: |
i, , have leased real property from you described as follows:
, , which is legally described and known as
in accordance with the terms of our lease agreement executed on , i am exercising my option to purchase. according to my records, i have paid all rent due to the date of this notice. i have commenced the necessary steps to fund and purchase the property as set forth in our lease agreement. this is my formal notice that i intend to purchase the leased property.
sincerely,
