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Notice to Lessor Exercising Option to Purchase - Illinois

Notice to Lessor Exercising Option to Purchase - Illinois 2025

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This document is a formal notice from the lessee to the lessor, indicating the lessee's intention to exercise their option to purchase the leased premises as per the Lease Agreement. It includes details about the purchase price and any required down payment.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Lessor's name and address in the designated fields at the top of the form.
Fill in the date of your Lease Agreement and specify the address of the premises you intend to purchase.
Indicate your intention to exercise the option to purchase by clearly stating it in the provided section.
Enter the purchase price as specified in your Lease Agreement or Option Agreement.
If applicable, include any down payment amount required by your agreement in the corresponding field.
Sign and date the document at the bottom, ensuring that you print your name clearly beneath your signature.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the option to purchase clause in a lease agreement?

The option to purchase is binding on the landlords successors who may purchase the property during the term of the lease. Similarly, if the landlord dies during the lease term, the option is enforceable against the landlords estate.

What is the disadvantage of a lease option to buy?

Cons of lease options as a buyer Thus, you may be paying over market price for your rental as a tenant. Additionally, you stand to lose any money put toward the purchase price if you decide to pull out of the deal.

How much notice does a landlord have to give in Illinois?

Your landlord must notify you in writing that he/she intends to terminate the lease. If you are renting month-to-month, you are entitled to a 30-day written notice. Leases running year-to-year require a 60-day written notice.

Can I back out after exercising OTP?

Most OTPs do not allow the property seller to withdraw from the transaction once the OTP has been exercised without consequences. In contrast, the buyer typically has the option to back out, although this usually results in forfeiture of any option fee or deposit paid.

What does it mean to exercise an option to purchase?

Understanding Exercise If the owner of an option decides to buy or sell the underlying instrumentinstead of allowing the contract to expire worthless or closing out the positionthey will be exercising the option, or making use of the right or privilege that is available in the contract.

What is a notice to exercise option to purchase?

This Standard Document is a written notice from the optionee to the optionor exercising the optionees option to purchase real estate in accordance with an option to purchase agreement.

What is the notice of exercise of option to purchase?

A Notice of Exercise of Option to Purchase lets you give the owner formal notice that youre 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.

What is an option exercise notice?

Exercise notice. A brokers notification from a client who wants to exercise a right to buy or sell (depending on the type of contract) the underlying security of the option contract.

Notice to Lessor Exercising Option to Purchase - Illinois 2025

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