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
The Roseville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to potentially purchase the property they are currently renting after a designated period of time. This addendum provides a mutually agreed-upon option to buy the property, offering tenants the choice to decide if they want to become homeowners. By signing this addendum, renters gain the right to purchase the property at a predetermined price within a specified timeframe, while also allowing them to experience the property firsthand before committing to buy. There are various types of Roseville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each designed to cater to different circumstances and preferences. These include: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, ensuring that the sales price remains unchanged throughout the lease term. This provides stability and certainty for both the tenant and landlord, allowing the tenant to plan and save accordingly for the future purchase. 2. Adjustable Purchase Price Addendum: Unlike the fixed purchase price addendum, this type allows for flexibility in the purchase price. The addendum includes a formula or predetermined factors that determine how the purchase price will be adjusted at the end of the lease term. This can be based on market conditions, appraisals, or other agreed-upon parameters. 3. Rent Credit Addendum: In this addendum, a portion of the rent paid by the tenant is credited towards the future purchase price of the property. This encourages tenants to enter into the rent-to-own agreement and helps them accumulate equity for the eventual purchase of the property. The rent credit amount can be a fixed percentage or a specific amount agreed upon by both parties. 4. Option Fee Addendum: This addendum requires the tenant to pay an upfront option fee to secure the right to purchase the property at a later date. The option fee is typically non-refundable and is separate from the security deposit and monthly rent payments. This fee serves as consideration for the landlord granting the tenant the exclusive option to purchase the property during the lease term. 5. Purchase Price Negotiation Addendum: In certain cases, there may be a provision in the Roseville California Option to Purchase Addendum that allows for price negotiation at the end of the lease term. This gives both the tenant and landlord the opportunity to reevaluate and potentially adjust the purchase price based on market conditions and other relevant factors. In conclusion, the Roseville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers tenants the possibility of transitioning from renters to homeowners. With various types of addendums available, it is crucial for both the tenant and landlord to carefully consider their circumstances and preferences before entering into such an agreement.
