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 Maricopa Arizona Option to Purchase Addendum to a Residential Lease is a legal document that provides tenants or renters with the opportunity to potentially purchase the property they are leasing or renting. This unique agreement allows individuals to enter into a lease or rental agreement with the option to buy the property in the future. The option to purchase addendum is specifically designed for residents of Maricopa, Arizona, and serves as an additional clause to the standard residential lease agreement. It outlines the terms and conditions under which the tenant can exercise their right to buy the property they are currently renting. There are a few different types of Maricopa Arizona Option to Purchase Addendum to Residential Lease agreements, depending on the specific circumstances and desires of the parties involved. These include: 1. Straight Option: This type of lease-option agreement allows the tenant to purchase the property at a predetermined price within a specified time frame laid out in the addendum. The renter has the option but is not obligated to buy the property. 2. Lease-Purchase Agreement: In this scenario, the tenant agrees to purchase the property at a future date, usually after a certain number of months or years of renting. A portion of the rent paid may be allocated towards the down payment or a separate option fee, which is often non-refundable. 3. Lease with Option Money: This type of lease establishes an upfront option fee, separate from the rent payments, which gives the tenant the right to buy the property within the agreed-upon time frame. If the tenant chooses not to exercise this option, the fee is typically forfeited. 4. Lease with Credit: In this variation, a portion of the monthly rent payments is designated as a credit towards the purchase price if the tenant decides to buy the property. This credit accumulates over time and can be used as part of the down payment when the tenant exercises their option to purchase. The Maricopa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers flexibility to both tenants and landlords. It allows tenants to experience the property before committing to a purchase, while giving landlords an opportunity to sell their property without immediately finding a buyer. This arrangement can be an attractive solution for those who are not yet ready or financially able to purchase a home upfront but wish to secure a future option. It is important for both parties to carefully review the addendum, understand the specific terms, such as the purchase price, option fee, time frame, and any conditions for exercising the option. Seeking professional legal advice is recommended to ensure compliance with local laws and to protect the interests of all parties involved.The Maricopa Arizona Option to Purchase Addendum to a Residential Lease is a legal document that provides tenants or renters with the opportunity to potentially purchase the property they are leasing or renting. This unique agreement allows individuals to enter into a lease or rental agreement with the option to buy the property in the future. The option to purchase addendum is specifically designed for residents of Maricopa, Arizona, and serves as an additional clause to the standard residential lease agreement. It outlines the terms and conditions under which the tenant can exercise their right to buy the property they are currently renting. There are a few different types of Maricopa Arizona Option to Purchase Addendum to Residential Lease agreements, depending on the specific circumstances and desires of the parties involved. These include: 1. Straight Option: This type of lease-option agreement allows the tenant to purchase the property at a predetermined price within a specified time frame laid out in the addendum. The renter has the option but is not obligated to buy the property. 2. Lease-Purchase Agreement: In this scenario, the tenant agrees to purchase the property at a future date, usually after a certain number of months or years of renting. A portion of the rent paid may be allocated towards the down payment or a separate option fee, which is often non-refundable. 3. Lease with Option Money: This type of lease establishes an upfront option fee, separate from the rent payments, which gives the tenant the right to buy the property within the agreed-upon time frame. If the tenant chooses not to exercise this option, the fee is typically forfeited. 4. Lease with Credit: In this variation, a portion of the monthly rent payments is designated as a credit towards the purchase price if the tenant decides to buy the property. This credit accumulates over time and can be used as part of the down payment when the tenant exercises their option to purchase. The Maricopa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers flexibility to both tenants and landlords. It allows tenants to experience the property before committing to a purchase, while giving landlords an opportunity to sell their property without immediately finding a buyer. This arrangement can be an attractive solution for those who are not yet ready or financially able to purchase a home upfront but wish to secure a future option. It is important for both parties to carefully review the addendum, understand the specific terms, such as the purchase price, option fee, time frame, and any conditions for exercising the option. Seeking professional legal advice is recommended to ensure compliance with local laws and to protect the interests of all parties involved.
