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
Title: Santa Clarita California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own Introduction: In Santa Clarita, California, tenants searching for a pathway to homeownership can explore the option of a Lease or Rent to Own agreement. This innovative arrangement allows tenants to lease a property while having the opportunity to purchase it at a predetermined price within a specified timeframe. To formalize this agreement, landlords and tenants can utilize the Santa Clarita Option to Purchase Addendum to Residential Lease. Let's explore the details and different variations of this addendum. 1. "Santa Clarita California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own" This addendum is the standard agreement that outlines the terms and conditions for a Lease or Rent to Own arrangement in Santa Clarita, California. It encompasses various essential elements governing the tenant's option to purchase the leased property and specific conditions surrounding the exercise of this option. 2. "Santa Clarita California Option to Purchase Addendum — Lease with Right to Purchase" This type of addendum focuses on granting tenants the right to purchase the leased property during or at the end of their lease term. It includes provisions for determining the purchase price, timeframe for exercising the option, and any down payment or credits towards the purchase. 3. "Santa Clarita California Option to Purchase Addendum — Lease with Sale Agreement" In this scenario, the option to purchase is accompanied by a separate sale agreement that outlines the terms of the property's sale. It provides a detailed breakdown of the purchase price, financing terms, and any contingencies such as inspections, appraisals, or repairs. This addendum ensures a comprehensive understanding of the purchase process for both parties. 4. "Santa Clarita California Option to Purchase Addendum — Lease with Option Fee" With this addendum, tenants pay an option fee upfront, providing them with the exclusive right to purchase the property within a specified timeframe. The option fee may be non-refundable or partially refundable, depending on the terms agreed upon. This addendum clearly outlines the conditions for exercising the option and the implications of not doing so. 5. "Santa Clarita California Option to Purchase Addendum — Lease with Rent Credit" This addendum reflects a scenario where a portion of the monthly rent is credited towards the eventual purchase price. It specifies the exact amount or percentage of rent credit and the conditions under which it will be applied. This addendum encourages tenants to stay committed to the purchase option while providing some financial benefits along the way. Conclusion: The Santa Clarita California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers a viable path to homeownership for tenants in Santa Clarita. By effectively utilizing this addendum, both landlords and tenants can establish clear and mutually agreed-upon terms to navigate the lease-to-own process successfully.
