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
Oklahoma City Oklahoma Option to Purchase Addendum to Residential Lease — Lease or Rent to Own In Oklahoma City, tenants who are interested in becoming homeowners have the opportunity to enter into an Option to Purchase Addendum to a Residential Lease, which offers the flexibility of lease or rent-to-own arrangements. This addendum acts as a legal document that outlines the terms and conditions of the lease agreement, while also providing an option for the tenant to purchase the property at a later date. The Oklahoma City Option to Purchase Addendum to Residential Lease offers various types to cater to different needs and circumstances. Some common types include: 1. Rent-to-Own Option: The rent-to-own option allows tenants to live in the property for a designated period while paying rent. During this time, the tenant has the exclusive right to purchase the property at a pre-determined price. A portion of the monthly rent can be credited towards the eventual purchase price, providing an opportunity to build equity. 2. Lease with Option to Purchase: With a lease with an option to purchase, tenants have the option to buy the property at a specific price within a predetermined period. This arrangement offers tenants the flexibility to test the property, neighborhood, or their financial stability before committing to the purchase. 3. Lease-Purchase Agreement: Similar to the rent-to-own option, the lease-purchase agreement allows tenants to make monthly payments with a portion allocated towards the purchase price. However, unlike the rent-to-own option, the tenant is obligated to purchase the property at the end of the lease period. The Oklahoma City Option to Purchase Addendum to Residential Lease provides several benefits for both landlords and tenants. For tenants, it offers the chance to transition from renting to homeownership without the immediate need for a large down payment. It provides an opportunity to save money, improve credit, and settle into the community before committing to a long-term mortgage. Landlords benefit from this addendum by attracting financially responsible tenants who are invested in maintaining the property and treating it as their own. Additionally, landlords have the ability to sell the property at a predetermined price, potentially avoiding the hassle of placing it on the market. When considering an Oklahoma City Option to Purchase Addendum to Residential Lease, it's crucial to consult with a real estate attorney to ensure all the legal intricacies are addressed and understood by all parties involved. This will help avoid any potential misunderstandings or disputes in the future. In summary, the Oklahoma City Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides an excellent platform for tenants interested in becoming homeowners. Whether it's through a rent-to-own option, a lease with an option to purchase, or a lease-purchase agreement, this addendum offers flexible and beneficial arrangements for both tenants and landlords.
