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
Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own When it comes to renting a residential property in Los Angeles, California, tenants now have the opportunity to explore the Lease or Rent to Own option through the Option to Purchase Addendum. This addendum provides a unique pathway for individuals who aspire to become homeowners while initially leasing the property they desire. The Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is designed to provide flexibility for both tenants and landlords. It outlines the terms and conditions under which the tenant can exercise the option to purchase the leased property within a specified timeframe. This means that tenants are given the option to transition from renters to homeowners, building equity during the lease term, and potentially securing a property that meets their long-term needs and goals. There are different types of Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that can be negotiated between tenants and landlords. These may include: 1. Fixed Purchase Price: The addendum can specify a fixed purchase price for the property, allowing tenants to know the exact amount that needs to be paid to acquire ownership. 2. Rent Credit: This lease option may include a rent credit agreement, where a portion of the monthly rent payments made by the tenant is credited towards the final purchase price. This can help tenants accumulate substantial credits over time, making it easier to finance the purchase. 3. Pre-Negotiated Terms: In some cases, tenants and landlords may agree upon specific terms for the purchase, such as the down payment amount, financing options, or contingencies. These terms can be recorded in the addendum, providing a clear understanding for both parties. 4. Inspection Period: The addendum may include an inspection period during which the tenant can hire professionals to thoroughly assess the property's condition. This period allows the tenant to ensure the property meets their expectations before committing to the purchase. 5. Purchase Option Fee: Tenants may be required to pay a non-refundable option fee in exchange for the right to purchase the property within the agreed-upon timeframe. This fee serves as consideration for the landlord, compensating them for the potential loss if the tenant chooses not to exercise the option. It's important to carefully review the terms and obligations stated in the Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, as they may vary depending on the specific agreement reached between the parties involved. Seeking legal advice is advised to ensure a proper understanding of the addendum and to protect the interests of all parties involved. With the Lease or Rent to Own option provided by the Los Angeles, California Option to Purchase Addendum to Residential Lease, tenants now have a chance to rent a property they love while working towards the goal of homeownership. This innovative approach offers a win-win situation for both tenants and landlords, giving tenants the opportunity to secure their desired home and landlords the assurance of a committed occupant.Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own When it comes to renting a residential property in Los Angeles, California, tenants now have the opportunity to explore the Lease or Rent to Own option through the Option to Purchase Addendum. This addendum provides a unique pathway for individuals who aspire to become homeowners while initially leasing the property they desire. The Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is designed to provide flexibility for both tenants and landlords. It outlines the terms and conditions under which the tenant can exercise the option to purchase the leased property within a specified timeframe. This means that tenants are given the option to transition from renters to homeowners, building equity during the lease term, and potentially securing a property that meets their long-term needs and goals. There are different types of Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that can be negotiated between tenants and landlords. These may include: 1. Fixed Purchase Price: The addendum can specify a fixed purchase price for the property, allowing tenants to know the exact amount that needs to be paid to acquire ownership. 2. Rent Credit: This lease option may include a rent credit agreement, where a portion of the monthly rent payments made by the tenant is credited towards the final purchase price. This can help tenants accumulate substantial credits over time, making it easier to finance the purchase. 3. Pre-Negotiated Terms: In some cases, tenants and landlords may agree upon specific terms for the purchase, such as the down payment amount, financing options, or contingencies. These terms can be recorded in the addendum, providing a clear understanding for both parties. 4. Inspection Period: The addendum may include an inspection period during which the tenant can hire professionals to thoroughly assess the property's condition. This period allows the tenant to ensure the property meets their expectations before committing to the purchase. 5. Purchase Option Fee: Tenants may be required to pay a non-refundable option fee in exchange for the right to purchase the property within the agreed-upon timeframe. This fee serves as consideration for the landlord, compensating them for the potential loss if the tenant chooses not to exercise the option. It's important to carefully review the terms and obligations stated in the Los Angeles, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, as they may vary depending on the specific agreement reached between the parties involved. Seeking legal advice is advised to ensure a proper understanding of the addendum and to protect the interests of all parties involved. With the Lease or Rent to Own option provided by the Los Angeles, California Option to Purchase Addendum to Residential Lease, tenants now have a chance to rent a property they love while working towards the goal of homeownership. This innovative approach offers a win-win situation for both tenants and landlords, giving tenants the opportunity to secure their desired home and landlords the assurance of a committed occupant.
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.
