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 Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides individuals with the opportunity to lease a property with the exclusive right to purchase it within a specified period. This addendum is designed to establish a rent-to-own agreement, allowing tenants to gradually transition into homeownership while living in the property. For individuals seeking to secure their future home in Fulton, Georgia, the Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can be an excellent option. This addendum offers flexibility and convenience by combining the benefits of both renting and buying a property. The Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a unique and customizable agreement, allowing tenants to negotiate terms that suit their specific needs. It outlines the terms of the lease, including monthly rent payments, the duration of the lease, and the purchase price of the property. There are several types of Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, depending on the specific requirements and preferences of both the tenant and landlord. These include: 1. Standard Rent-to-Own Addendum: This is the most common type of addendum where tenants have the opportunity to rent the property for a specific period, usually between one and three years, with the option to purchase it at a predetermined price. 2. Lease-Option Addendum: This addendum allows tenants to secure their eligibility to purchase the property during or at the end of the lease term. It provides the tenant with the right but not the obligation to buy the property. 3. Lease-Purchase Addendum: In a lease-purchase agreement, tenants are legally bound to purchase the property at the end of the lease term. This type of addendum is suitable for individuals who are certain about their decision to buy the property. 4. Rent Credit Addendum: The rent credit addendum outlines the amount of monthly rent that will be credited towards the purchase price of the property. This type of addendum is beneficial for tenants who want to accumulate credit over the lease term to reduce the purchase price. With the Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, tenants have the opportunity to live in their desired home while working towards homeownership. It provides tenants with the chance to test the property and the neighborhood before making a long-term commitment. It is crucial for both parties involved to clearly understand and agree upon the terms outlined in the Fulton Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. Seeking legal advice and conducting thorough research is highly recommended ensuring a smooth and successful transition from tenant to homeowner in Fulton, Georgia.
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.
