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 Mesa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that outlines the terms and conditions for a tenant who wishes to eventually purchase the leased property in Mesa, Arizona. This addendum grants the tenant the exclusive right to buy the property during the lease term or at the end of the lease term. There are several types of Mesa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that cater to different situations and preferences: 1. Fixed Purchase Price Addendum: This addendum specifies a predetermined purchase price for the property. The tenant and landlord agree on a fixed price upfront, providing clarity on the property's value at the time of future purchase. 2. Adjustable Purchase Price Addendum: In this type of addendum, the purchase price is not predetermined but is linked to certain factors such as market conditions, property appraisals, or negotiations between the tenant and landlord. This allows for flexibility in adjusting the purchase price based on changing circumstances. 3. Rent Credit Addendum: This addendum includes a provision where a portion of the monthly rent payments is credited towards the eventual purchase of the property. Rent credits can accumulate over time, enabling the tenant to build equity and reduce the final purchase price. 4. Option Consideration Addendum: Some leases require the tenant to pay an upfront non-refundable option fee or consideration to secure their right to purchase the property. This fee is separate from the monthly rent payments and may be applied towards the purchase price. 5. Lease Term Extension Addendum: If the tenant needs more time before exercising the purchase option, this addendum extends the lease term. It provides an opportunity for the tenant to improve their credit score, save for a down payment, or address other logistical issues before fully committing to homeownership. 6. Maintenance and Repair Addendum: This addendum outlines the maintenance and repair responsibilities of both the tenant and the landlord during the lease term. As the tenant aspires to be the future owner, clarity on maintenance obligations ensures the property is well-maintained and the tenant understands their responsibilities. An Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants to experience the benefits of renting a home while having an opportunity to become property owners in the future. By providing different types of addendums, it caters to various circumstances and preferences, making it a versatile tool for both tenants and landlords in the Mesa, Arizona market.The Mesa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that outlines the terms and conditions for a tenant who wishes to eventually purchase the leased property in Mesa, Arizona. This addendum grants the tenant the exclusive right to buy the property during the lease term or at the end of the lease term. There are several types of Mesa Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that cater to different situations and preferences: 1. Fixed Purchase Price Addendum: This addendum specifies a predetermined purchase price for the property. The tenant and landlord agree on a fixed price upfront, providing clarity on the property's value at the time of future purchase. 2. Adjustable Purchase Price Addendum: In this type of addendum, the purchase price is not predetermined but is linked to certain factors such as market conditions, property appraisals, or negotiations between the tenant and landlord. This allows for flexibility in adjusting the purchase price based on changing circumstances. 3. Rent Credit Addendum: This addendum includes a provision where a portion of the monthly rent payments is credited towards the eventual purchase of the property. Rent credits can accumulate over time, enabling the tenant to build equity and reduce the final purchase price. 4. Option Consideration Addendum: Some leases require the tenant to pay an upfront non-refundable option fee or consideration to secure their right to purchase the property. This fee is separate from the monthly rent payments and may be applied towards the purchase price. 5. Lease Term Extension Addendum: If the tenant needs more time before exercising the purchase option, this addendum extends the lease term. It provides an opportunity for the tenant to improve their credit score, save for a down payment, or address other logistical issues before fully committing to homeownership. 6. Maintenance and Repair Addendum: This addendum outlines the maintenance and repair responsibilities of both the tenant and the landlord during the lease term. As the tenant aspires to be the future owner, clarity on maintenance obligations ensures the property is well-maintained and the tenant understands their responsibilities. An Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants to experience the benefits of renting a home while having an opportunity to become property owners in the future. By providing different types of addendums, it caters to various circumstances and preferences, making it a versatile tool for both tenants and landlords in the Mesa, Arizona market.
