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
Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that provides potential homebuyers with the opportunity to lease a property for a specified time period with an option to purchase it at a later date. This arrangement combines the benefits of leasing and homeownership, allowing tenants to test out the property before committing to a long-term mortgage. There are different types of Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreements, each designed to cater to specific needs and circumstances. They include: 1. Fixed Purchase Price Agreement: In this type of addendum, the purchase price for the property is predetermined and stated in the agreement. This ensures that the tenant knows the specific amount they will need to pay if they decide to exercise their option to purchase the property at a later date. 2. Price Negotiation Agreement: This type of addendum grants the tenant the right to negotiate the purchase price of the property at the end of the lease term. It provides flexibility for both parties to come to a mutually agreeable purchase price based on the current market conditions. 3. Credit Towards Purchase Agreement: Under this addendum, a portion of the monthly rental payments made by the tenant during the lease term is credited towards the purchase price of the property. This can help tenants accumulate a down payment while living in the property, making homeownership more accessible. 4. Rent-to-Own Repairs and Maintenance Agreement: This type of addendum outlines the responsibilities of both the landlord and tenant regarding repairs and maintenance during the lease period. It helps establish guidelines for who is responsible for maintenance costs and ensures that the property is well-maintained for the tenant's possible future purchase. The Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a practical solution for individuals who may not be ready to commit to a mortgage or those who want to test out a property before making a long-term purchase. It offers flexibility, financial benefits, and the potential to transition from tenant to homeowner. Note: It is essential to consult a qualified real estate attorney or professional when considering or entering into any form of lease-to-own agreement to ensure compliance with local laws and protection of both parties' rights.Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that provides potential homebuyers with the opportunity to lease a property for a specified time period with an option to purchase it at a later date. This arrangement combines the benefits of leasing and homeownership, allowing tenants to test out the property before committing to a long-term mortgage. There are different types of Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreements, each designed to cater to specific needs and circumstances. They include: 1. Fixed Purchase Price Agreement: In this type of addendum, the purchase price for the property is predetermined and stated in the agreement. This ensures that the tenant knows the specific amount they will need to pay if they decide to exercise their option to purchase the property at a later date. 2. Price Negotiation Agreement: This type of addendum grants the tenant the right to negotiate the purchase price of the property at the end of the lease term. It provides flexibility for both parties to come to a mutually agreeable purchase price based on the current market conditions. 3. Credit Towards Purchase Agreement: Under this addendum, a portion of the monthly rental payments made by the tenant during the lease term is credited towards the purchase price of the property. This can help tenants accumulate a down payment while living in the property, making homeownership more accessible. 4. Rent-to-Own Repairs and Maintenance Agreement: This type of addendum outlines the responsibilities of both the landlord and tenant regarding repairs and maintenance during the lease period. It helps establish guidelines for who is responsible for maintenance costs and ensures that the property is well-maintained for the tenant's possible future purchase. The Westminster, Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a practical solution for individuals who may not be ready to commit to a mortgage or those who want to test out a property before making a long-term purchase. It offers flexibility, financial benefits, and the potential to transition from tenant to homeowner. Note: It is essential to consult a qualified real estate attorney or professional when considering or entering into any form of lease-to-own agreement to ensure compliance with local laws and protection of both parties' rights.
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.
