Leases and the "right of first refusal"

Question 1

When is a buyer’s temporary residential lease form used?

Answer 1

When the buyer occupies the property for no more than 90 days prior to closing.

Question 2

When is a seller’s temporary residential lease used?

Answer 2

When the seller occupies the property for no more than 90 days after closing.

Question 3

What are TREC’s two promulgated LEASE forms?

Answer 3

Buyer’s temporary residential lease, Seller’s temporary residential lease

Question 4

When is an addendum regarding residential leases used?

Answer 4

When the property is subject to one or more residential leases.

Question 5

When is an addendum regarding fixture leases used?

Answer 5

When the property is subject to one or more fixture leases.

Question 6

What are TREC’s two addenda regarding leases?

Answer 6

Addendum regarding residential leases, addendum regarding fixture leases

Question 7

What is the right of first refusal?

Answer 7

This allows the tenant the right to purchase the leased property by matching or bettering any offer before the property is sold to anyone else.

Question 8

What is a lease with an option to purchase also known as?

Answer 8

Lease-purchase-agreement

Question 9

What is a lease with an option to purchase (a.k.a. lease-purchase-agreement)?

Answer 9

This allows the tenant occupancy in the present time and the right to purchase at a future date.

Question 10

Does TREC have promulgated forms for right of first refusal?

Answer 10

No

Question 11

Can license holders write a lease with an option to purchase or a right of first refusal?

Answer 11

No

Question 12

Does TREC have promulgated forms for leases with an option to purchase?

Answer 12

No

Question 13

What must be done if a client is interested in a right of first refusal or lease with an option to purchase?

Answer 13

The assistance of an attorney is required.