This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.
Please note: This Addendum form is NOT a lease agreement. You will need a separate Residential Lease Agreement. The Addendum would be attached to that Agreement
Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to potentially purchase the property they are currently leasing. This addendum offers an alternative way for tenants in Corona, California, to transition from renting to owning a home. There are various types of Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Fixed Purchase Price Agreement: This type of agreement specifies a fixed purchase price for the property, ensuring that the tenant knows the exact amount they need to pay if they choose to exercise their option to purchase. 2. Lease Purchase Agreement: Under this arrangement, a portion of the tenant's monthly rent payments is typically credited towards the purchase price of the property. This allows the tenant to gradually build equity while still renting, making it easier to secure a mortgage in the future. 3. Lease Option Agreement: With a lease option agreement, the tenant has the right, but not the obligation, to purchase the property at a predetermined price within a specified timeframe. This provides the tenant with flexibility and time to make an informed decision about homeownership. 4. Rent Credit Agreement: This type of addendum allows for a portion of the monthly rent to be credited toward the down payment or closing costs when the tenant decides to exercise their option to purchase the property. This helps tenants save money while renting and makes the transition to ownership more financially feasible. The Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically includes essential details such as the property address, tenant and landlord's names, the duration of the lease, and the terms and conditions for exercising the option to purchase. It may also outline any additional requirements or provisions specific to the agreement. It is crucial for both tenants and landlords to seek professional legal advice before signing any lease addendum to ensure all terms and conditions are clear and in compliance with local laws and regulations.Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to potentially purchase the property they are currently leasing. This addendum offers an alternative way for tenants in Corona, California, to transition from renting to owning a home. There are various types of Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Fixed Purchase Price Agreement: This type of agreement specifies a fixed purchase price for the property, ensuring that the tenant knows the exact amount they need to pay if they choose to exercise their option to purchase. 2. Lease Purchase Agreement: Under this arrangement, a portion of the tenant's monthly rent payments is typically credited towards the purchase price of the property. This allows the tenant to gradually build equity while still renting, making it easier to secure a mortgage in the future. 3. Lease Option Agreement: With a lease option agreement, the tenant has the right, but not the obligation, to purchase the property at a predetermined price within a specified timeframe. This provides the tenant with flexibility and time to make an informed decision about homeownership. 4. Rent Credit Agreement: This type of addendum allows for a portion of the monthly rent to be credited toward the down payment or closing costs when the tenant decides to exercise their option to purchase the property. This helps tenants save money while renting and makes the transition to ownership more financially feasible. The Corona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically includes essential details such as the property address, tenant and landlord's names, the duration of the lease, and the terms and conditions for exercising the option to purchase. It may also outline any additional requirements or provisions specific to the agreement. It is crucial for both tenants and landlords to seek professional legal advice before signing any lease addendum to ensure all terms and conditions are clear and in compliance with local laws and regulations.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
