 A "Residential Lease Agreement with an Option to Purchase" should be used when a Landlord wants to rents a residence to a Tenant and also wants to give the Tenant an option to purchase the property within a specified time at a pre-determined price. This document memorializes the agreement in writing and sets forth many important terms including the rental amount, the rental period, the rights and obligations of the Landlord and the Tenant and the terms relating to the option to purchase.
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