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
Las Vegas, Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to have the option of purchasing the property they are currently leasing. This addendum is specifically designed for residents in Las Vegas, Nevada and offers various types of lease or rent to own agreements. The primary purpose of the Las Vegas Nevada Option to Purchase Addendum to Residential Lease is to provide tenants with the flexibility and opportunity to convert their lease agreement into a rent-to-own agreement. This addendum outlines the terms, conditions, and obligations of both the tenant and the landlord throughout the leasing period and during the option to purchase period. One type of Las Vegas Nevada Option to Purchase Addendum is the Fixed Price Lease Option, wherein the purchase price is predetermined at the beginning of the lease agreement. This type of addendum is appealing to tenants who are confident about buying the property at a specific price in the future and want to secure it beforehand. Another type of Las Vegas Nevada Option to Purchase Addendum is the Adjustable Price Lease Option, which allows for negotiation of the purchase price at a later date. This type is suitable for tenants who are uncertain about the property's value and want a chance to reevaluate the purchase price before committing. Furthermore, there is the Lease Credit Option, wherein a portion of the monthly rent payments is credited towards the future purchase price of the property. This option benefits tenants who may not have the financial means to save for a down payment but would like to gradually accumulate equity in the property they are leasing. The Las Vegas Nevada Option to Purchase Addendum outlines various important details, such as the purchase price, option fee (if applicable), length of the option period, repair and maintenance responsibilities, financing terms, and procedures for exercising the purchase option. It is crucial for both parties to thoroughly review and understand the addendum before signing it in order to avoid any potential disagreements or misunderstandings. In conclusion, the Las Vegas Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants in Las Vegas with a pathway to homeownership. With different types of addendums available, tenants can choose the option that best suits their financial situation and future goals.
