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Indianapolis Indiana Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Indiana
City:
Indianapolis
Control #:
IN-00547
Format:
Word; 
Rich Text
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Description

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


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How to fill out Indiana Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

To make the transfer of a lease legal, complete a Lease Assignment. If the landlord agrees, this can free you of your obligations as the original tenant to the lease, including any remaining interest. All three parties should sign the document: the landlord, the original tenant, and the new tenant.

A lease addendum is a legally binding document that both landlords and tenants agree to and sign (i.e., you can't add it to the lease without the tenant's knowledge!). Addendums modify the original lease agreement and/or provide additional information related to specific rental policies.

That said, in Indiana, the general rule is that oral contracts are enforceable unless otherwise provided.

An Addendum is a legal document which sets out an additional legal agreement between a landlord and tenant to be read in conjuction with the main Tenancy Agreement.

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

You should know that if your lease does not call for you to do this, you cannot be compelled to do so. The new landlord is obligated to honor the terms of your original lease, for its entire duration. You may, however, be offered an incentive to sign a new agreement.

Both parties must agree to the proposed amendments. A lease is a legally binding agreement between a tenant and landlord, therefore it cannot be altered without both parties' consent. Typically, a landlord is more likely than a tenant to propose an amendment to the lease.

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses, or changing existing clauses. An amendment allows the parties to change the terms without having to sign a new Lease Agreement.

An assignment lease is a complete transfer of a lease from you to another tenant for the remainder of your lease term. In other words, another third-party becomes the assignee (tenant) for your lease.

An assignment ensures the complete transfer of the rights to the property from one tenant to another. The assignor is no longer responsible for rent or utilities and other costs that they might have had under the lease. Here, the assignee becomes the tenant and takes over all responsibilities such as rent.

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