A clause that states something to the effect that 'provided Lessee remains a tenant in good standing, including the timely payment of rent, as well as following rules and regulations of Condo Association, or Homeowners Association, or Apartment Complex', Lessee must notifty Lessor in writing, no less than sixty days prior to the end of the lease term, should Lessee choose to exercise this Purchase Option.
Unless the Seller is willing to credit some of the rent paid during lease year, it should also state that there are no rent credits going towards purchase, as it seems that some people automatically think that is the way it is done...but like everything, that is negotiable, and the seller may or may not be offering that option.
And unless you have already established a price, you may also want to say something about price to be determined at that time, based on market conditions.
I am NOT an attorney but have been writing leases with purchase options for almost 18 years, and an attorney prepared ALL of the verbage needed for such purchases. It is always best to find an attorney that will from time to time write verbage for you. If you refer clients to them, they will often do this service free of charge, as with most attorneys, creating verbage is like breathing! It comes very naturally, sounds much more intelligent, and you know it is legal, as real estate agents and brokers are NOT allowed to create verbage only fill in the blanks, if you recall.
Hope this helps some.
Peggy Baker, Broker Associate
Keller Williams Success Realty
Nov 1, 2008