On-Line U.S. Notice to Exercise A Purchase/Buying Option,

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The Notice to Exercise an Option to Purchase for the agreed price is a tenant's notification to the landlord to purchase the rental property during the term of the lease.

The option will state the date it must be exercised, and if not exercised within that time, it expires. If the option is not exercised, the original cost is not refundable. Sometimes an option is the right to renew a contract, such as a lease or some other existing business relationship. A "lease-option" contract provides for a lease of property with the right to purchase the property during it's life-time or upon expiration of the lease.

Related Documents: Lease to Purchase Option Agreement, Residential Lease Agreement, Agreement to Extend Residential Lease, Rental Property Inspection Check-list.

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