Posted by Lee on February 19, 2002 at 15:20:06:
By “waiver of rights”, are you talking about the tenant trying to make the argument that they have an equitable interest in the property that requires a foreclosure action instead of an eviction?
If so, you might find it helpful to make sure you use separate contracts for the lease and the option to purchase. Do not have any reference to the option to purchase in the lease agreement. In the option agreement, make sure that you have language to the effect that a default under the lease terminates the option as well.
As always, it pays to get a competent attorney to fine tune your contracts at the outset to minimize this risk.