The OPTION to PURCHASE language must be clear!
1-The Option FEE is NON-refundible, and all it buys is EXCLUSIVITY, TIME, and a FIXED PRICE.
2-The OP document only gives the 'buyer' only an OPTION to purchase, and only IF all the stipulations in the document are met by the buyer. That means that the buyer must have a good rent payment history(which YOU can attest to one way or the other), the buyer must have obtained a loan for the purchase from a lending institution (usually by cleaning up their FICO score and saving for a downpayment), and the buyer must exercize their option by the Option expiration date.
3-If the tenant/buyer is evicted for non-payment of rent, then they do NOT qualify under the Option to Purchase and any rights the option gave them is void.
My Option docs requires the option holders to:
-have a good payment history
-clean up their credit records
-save for a loan downpayment
-and qualify for a new bank loan.
If they cannot do all that by the expirations date--they lose all rights to an exclusive option to purchase. Then I can entertain other offers to purchase the property.
I have done this 3 times so far, and 3 times the 'buyers' could not fullfil the terms of the Option and I got the house back. It was challenged ONCE and the buyers OWN LAWYER told them they had not fullfilled the terms of the contract they signed, he could see no where that they could sue me for their money back. It never went to court.
(PS, the house was a disaster and I had to use all the option money JUST to repair the property to be able to rent it again!)
--137.242.x.xx