Fillable TEXAS LEASE TO OWN AGREEMENT

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TEXAS LEASE TO OWN AGREEMENT

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Page 1 of 5
TEXAS LEASE TO OWN AGREEMENT
(Title 8, Chapter 92)
This Lease to Own Agreement (hereinafter called the “Option to Purchase Agreement”) is made on
____________________________ [month, day, year] between ____________________________
(the “Seller/Landlord”) and ____________________________ (the “Buyer/Tenant”) Hereinafter
known as the “Parties”.
WHEREAS, Seller/Landlord is the fee owner of certain real property being, lying and situated in
_______________ County, ___________, Texas such real property having a street address of
__________________________________________________________________(the “Property”).
WHEREAS, Seller/Landlord and Buyer/Tenant have together executed a prior lease agreement,
the subject of which is the aforementioned Property (the “Lease Agreement”).
NOW, THEREFORE, for and in consideration of the covenants and obligations contained herein
and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Seller/ Landlord hereby grants to Buyer/Tenant an exclusive option to purchase the
aforementioned “Property.”
The parties hereto hereby agree as follows:
I. TERM OF THE OPTION: The option to purchase period commences on
____________________________ [month, day, year] and expires at 11:59 PM
____________________________ [month, day, year].
II. OPTION CONSIDERATION: As consideration for this Option to Purchase Agreement, the
Buyer/ Tenant shall pay the Seller/Landlord a non-refundable fee of _____________________
Dollars ($________________), receipt of which is hereby acknowledged by the Seller/Landlord.
This amount shall be credited to the purchase price at closing if the Buyer/Tenant timely exercises
the option to purchase, provided that the Buyer/Tenant: (a) is not in default of the Lease
Agreement, and (b) closes the conveyance of the Property. The Seller/Landlord shall not refund
the fee if the Buyer/Tenant defaults in the Lease Agreement, fails to close the conveyance, or
otherwise does not exercise the option to purchase.
III. PURCHASE PRICE: The total purchase price for the Property is _____________________
Dollars ($________________), Provided that the Buyer/Tenant timely executes the option to
purchase, is not in default of the Lease Agreement, and closes the conveyance of the Property, the
Seller/Landlord shall credit towards the purchase price at closing the sum of
_____________________ Dollars ($________________), from each monthly lease payment that
the Buyer/Tenant timely made. However, the Buyer/Tenant shall receive no credit at closing for
any monthly lease payment that the Seller/ Landlord received after the due date specified in the
Lease Agreement.
IV. RENT PAYMENTS: Tenant shall pay Landlord the annual rent of _____________________
Dollars ($________________) during said term, in monthly payments of _____________________
Dollars ($________________), each payable monthly on the ____ day of each month in advance
at such place as we may from time to time specify by written notice to you. Tenant shall pay a
security deposit of _____________________ Dollars ($________________) to be returned upon
termination of this Lease and the payment of all rents due and performance of all other obligations.
Page 2 of 5
V. UTILITES & SERVICES: Tenant shall at its own expense provide the following utilities or
services: Tenant must pay promptly as they become due all charges for furnishing
______________________________________________________________________________
______________________________________________________________________________
[specify, e.g., water, electricity, garbage service, and other public utilities] to the premises during
the lease term.
Landlord shall at its expense provide the following utilities or services:
______________________________________________________________________________
_______________________________________________________________________ [specify]
Landlord does not warrant the quality or adequacy of the utilities or services specified above, nor
does Landlord warrant that any of the utilities or services specified above will be free from
interruption caused by repairs, improvements, or alterations of the building or the premises or any
of the equipment and facilities of the building, any labor controversy, or any other causes of any
kind beyond Landlord's reasonable control. Any such interruption--and any other inability on
Landlord's part to fulfill Landlord's lease obligations resulting from any such cause--will not be
considered an eviction or disturbance of Tenant's use and possession of the premises, or render
Landlord liable to Tenant for damages, or relieve Tenant from performing Tenant's lease
obligations.
VI. TENANT FURTHER AGREES THAT:
a) Condition of Premises: Upon the expiration of the Lease it shall return possession of the
leased premises in its present condition, reasonable wear and tear, fire casualty excepted.
Tenant shall commit no waste to the leased premises.
b) Assignment or Subletting: Tenant shall not assign or sublet said premises or allow any
other person to occupy the leased premises without Landlord's prior written consent.
c) Alterations: Tenant shall not make any material or structural alterations to the leased
premises without Landlord's prior written consent.
d) Compliance with Law: Tenant shall comply with all building, zoning and health codes and
other applicable laws for the use of said premises.
e) Tenant’s Conduct: Tenant shall not conduct on premises any activity deemed extra
hazardous, or a nuisance, or requiring an increase in fire insurance premiums.
f) Pets: Tenant shall not allow pets on the premises.
g) Right of Termination and Re-Entry: In the event of any breach of the payment of rent or any
other allowed charge, or other breach of this Lease, Landlord shall have full rights to
terminate this Lease in accordance with Texas State law and re-enter and re-claim
possession of the leased premises, in addition to such other remedies available to Landlord
arising from said breach.
VII. NOTICE REQUIRED TO EXERCISE OPTION: To exercise the Option to Purchase, the Buyer/
Tenant must deliver to the Seller/Landlord written notice of Buyer/Tenant’s intent to purchase. In
addition, the written notice must specify a valid closing date. The closing date must occur before
the original expiration date of the Lease Agreement, or the date of the expiration of the Option to
Purchase Agreement designated in paragraph 1, whichever occurs later.
Page 3 of 5
VIII. EXCLUSIVITY OF OPTION: This Option to Purchase Agreement is exclusive and non-
assignable and exists solely for the benefit of the named parties above. Should Buyer/Tenant
attempt to assign, convey, delegate, or transfer this option to purchase without the
Seller/Landlord’s express written permission, any such attempt shall be deemed null and void.
IX. CLOSING AND SETTLEMENT: Seller/Landlord shall determine the title company at which
settlement shall occur and shall inform Buyer/Tenant of this location in writing. Buyer/Tenant
agrees that closing costs in their entirety, including any points, fees, and other charges required by
the third-party lender, shall be the sole responsibility of Buyer/Tenant. The only expense related to
closing costs apportioned to Seller/Landlord shall be the pro-rated share of the ad valorem taxes
due at the time of closing, for which Seller/Landlord is solely responsible.
X. FINANCING AVAILABILITY: SELLER/LANDLORD MAKES NO REPRESENTATIONS OR
WARRANTIES AS TO THE AVAILABILITY OF FINANCING REGARDING THIS OPTION TO
PURCHASE. BUYER/TENANT IS SOLELY RESPONSIBLE FOR OBTAINING FINANCING IN
ORDER TO EXERCISE THIS OPTION.
XI. FINANCING DISCLAIMER: The parties acknowledge that it is impossible to predict the
availability of obtaining financing towards the purchase of this Property. Obtaining financing shall
not be held as a condition of performance of this Option to Purchase Agreement. The parties
further agree that this Option to Purchase Agreement is not entered into in reliance upon any
representation or warranty made by either party.
XII. REMEDIES UPON DEFAULT: If Buyer/Tenant defaults under this Option to Purchase
Agreement or the Lease Agreement, then in addition to any other remedies available to
Seller/Landlord at law or in equity, Seller/Landlord may terminate this Option to Purchase by giving
written notice of the termination. If terminated, the Buyer/Tenant shall lose entitlement to any
refund of rent or option consideration. For this Option to Purchase Agreement to be enforceable
and effective, the Buyer/Tenant must comply with all terms and conditions of the Lease
Agreement.
XIII. COMMISSION: No real estate commissions or any other commissions shall be paid in
connection with this transaction.
XIV. RECORDING OF AGREEMENT: Buyer/Tenant shall not record this Option to Purchase
Agreement on the Public Records of any public office without the express and written consent of
Seller/Landlord.
XV. ACKNOWLEDGMENTS: The parties are executing this Option to Purchase Agreement
voluntarily and without any duress or undue influence. The parties have carefully read this Option
to Purchase Agreement and have asked any questions needed to understand its terms,
consequences, and binding effect and fully understand them and have been given an executed
copy. The parties have sought the advice of an attorney of their respective choice if so desired
prior to signing this Option to Purchase Agreement.
XVI. TIMING: Time is of the essence in this Option to Purchase Agreement.
XVII. GOVERNING LAW AND VENUE: This Option to Purchase Agreement shall be governed,
construed and interpreted by, through and under the Laws of the State of Texas. The parties
further agree that the venue for any and all disputes related to this Option to Purchase shall be
______________ County, Texas.
Page 4 of 5
XVIII. OPTION TO PURCHASE CONTROLLING: In the event a conflict arises between the terms
and conditions of the Lease Agreement and the Option to Purchase Agreement, the Option to
Purchase Agreement shall control.
XIX. SPECIAL CONDITIONS: Pursuant to Sec. 92.016 Tenants may have special statutory rights
to terminate the lease early in certain situations involving family violence or a military deployment
or transfer.
XX. RESPONSIBILITIES OF LANDLORD: We'll act with customary diligence to:
(1) keep common areas reasonably clean;
(2) maintain fixtures, hot water, heating, and A/C equipment;
(3) substantially comply with all applicable laws regarding safety, sanitation, and fair
housing; and
(4) make all reasonable repairs, subject to your obligation to pay for damages for which you
are liable.
If we violate any of the above, you may possibly terminate this Lease Contract and exercise other
remedies under Property Code Section 92.056 by following this procedure:
(a) All rent must be current, and you must make a written request for repair or remedy of
the condition--after which we'll have a reasonable time for repair or remedy;
(b) If we fail to do so, you must make a second written request for the repair or remedy (to
make sure that there has been no miscommunication between us), after which we'll have a
reasonable time for the repair or remedy; and
(c) If the repair or remedy still hasn't been accomplished within that reasonable time period,
you may immediately terminate this Lease Contract by giving us a final written notice. You
also may exercise other statutory remedies, including those under Property Code Section
92.0561.
Instead of giving the two written requests referred to above, you may give us one request by
certified mail, return receipt requested, or by registered mail--after which we will have a reasonable
time for repair or remedy. "Reasonable time" takes into account the nature of the problem and the
reasonable availability of materials, labor, and utilities. Your rent must be current at the time of any
request. We will refund security deposits and prorated rent as required by law.
XXI. PARKING RULES: Tenant may not permit more than vehicles, including but not limited to
_________ automobiles, trucks, recreational vehicles, trailers, motorcycles, all-terrain vehicles, jet
skis, and boats, on the Property unless authorized by Landlord in writing. Tenant may not park or
permit any person to park any vehicles in the yard. Tenant may permit vehicles to be parked only
in drives, garages, designated common parking areas, or in the street if not prohibited by law or an
owners’ association. Tenant may not store or permit any person to store any vehicles on or
adjacent to the Property or on the street in front of the Property. In accordance with applicable
state and local laws, Landlord may have towed, at Tenant’s expense: (a) any inoperative vehicle
on or adjacent to the Property; (b) any vehicle parked in violation of this paragraph or any
additional parking rules made part of this lease; or (c) any vehicle parked in violation of any law,
local ordinance, or owners’ association rule.
Page 5 of 5
XXII. ENTIRE AGREEMENT; MODIFICATION: This document sets forth the entire agreement and
understanding between the parties relating to the subject matter herein and supersedes all prior
discussions between the parties. No modification of or amendment to this Option to Purchase
Agreement, nor any waiver of any rights under this Option to Purchase Agreement, will be effective
unless in writing signed by the party to be charged.
Seller(s)/Landlord(s):
Signature ______________________ Printed Name ______________________
Signature ______________________ Printed Name ______________________
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Buyer(s)/Tenant(s):
Signature ______________________ Printed Name ______________________
Signature ______________________ Printed Name ______________________
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Agent:
Signature ______________________ Printed Name ______________________
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Witness:
Signature ______________________ Printed Name ______________________
Signature: ______________________ Print: ______________________
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TEXAS LEASE TO OWN AGREEMENT

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Completed 23 July 2021

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