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 Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that provides tenants with the opportunity to purchase a property they are currently leasing. This addendum is designed to give tenants more flexibility and control over their housing options, especially for those who are considering homeownership but are not ready to commit to purchasing a property outright. There are several types of Gresham Oregon Option to Purchase Addendums available, each offering unique features and benefits to suit different tenant needs. Here are a few common variations: 1. Fixed Price Option: This type of addendum sets a predetermined purchase price for the property, which remains fixed throughout the lease term. It offers tenants the certainty of knowing the exact price they will pay for the property when they exercise their option to purchase. 2. Indexed Price Option: An indexed price option bases the purchase price on a predetermined formula, such as the Consumer Price Index (CPI) or local housing market trends. This allows for price adjustments based on economic conditions, ensuring that the purchase price remains fair and in line with the market. 3. Incremental Purchase Option: With an incremental purchase option, tenants have the opportunity to gradually acquire ownership in the property over the course of their lease term. They can choose to purchase a percentage of the property at different intervals, spreading out the financial burden and allowing them to commit to homeownership progressively. 4. Lease Credit Option: This option allows tenants to accumulate rent credits over the course of their lease, which can be applied towards the purchase price of the property. These credits can help tenants build equity in the property and reduce the amount they need to finance when exercising their option to purchase. The Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a beneficial tool for both landlords and tenants. Tenants are given the opportunity to test out the property before committing to buying it, while landlords have the potential to attract more reliable and invested tenants who take better care of the property. By signing this addendum, tenants and landlords can establish clear terms for the rent-to-own agreement, including the length of the lease term, purchase price or formula, option fees, rent credits, and any other relevant conditions or contingencies. It is crucial for both parties to thoroughly review and understand all the terms before entering into this agreement, as it represents a significant financial commitment for all involved. In conclusion, the Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and controlled pathway to homeownership for tenants, allowing them to transition from renting to owning a property. With a variety of options available, tenants can choose the addendum that aligns with their financial goals and long-term aspirations.The Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that provides tenants with the opportunity to purchase a property they are currently leasing. This addendum is designed to give tenants more flexibility and control over their housing options, especially for those who are considering homeownership but are not ready to commit to purchasing a property outright. There are several types of Gresham Oregon Option to Purchase Addendums available, each offering unique features and benefits to suit different tenant needs. Here are a few common variations: 1. Fixed Price Option: This type of addendum sets a predetermined purchase price for the property, which remains fixed throughout the lease term. It offers tenants the certainty of knowing the exact price they will pay for the property when they exercise their option to purchase. 2. Indexed Price Option: An indexed price option bases the purchase price on a predetermined formula, such as the Consumer Price Index (CPI) or local housing market trends. This allows for price adjustments based on economic conditions, ensuring that the purchase price remains fair and in line with the market. 3. Incremental Purchase Option: With an incremental purchase option, tenants have the opportunity to gradually acquire ownership in the property over the course of their lease term. They can choose to purchase a percentage of the property at different intervals, spreading out the financial burden and allowing them to commit to homeownership progressively. 4. Lease Credit Option: This option allows tenants to accumulate rent credits over the course of their lease, which can be applied towards the purchase price of the property. These credits can help tenants build equity in the property and reduce the amount they need to finance when exercising their option to purchase. The Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a beneficial tool for both landlords and tenants. Tenants are given the opportunity to test out the property before committing to buying it, while landlords have the potential to attract more reliable and invested tenants who take better care of the property. By signing this addendum, tenants and landlords can establish clear terms for the rent-to-own agreement, including the length of the lease term, purchase price or formula, option fees, rent credits, and any other relevant conditions or contingencies. It is crucial for both parties to thoroughly review and understand all the terms before entering into this agreement, as it represents a significant financial commitment for all involved. In conclusion, the Gresham Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and controlled pathway to homeownership for tenants, allowing them to transition from renting to owning a property. With a variety of options available, tenants can choose the addendum that aligns with their financial goals and long-term aspirations.
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.
