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 Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that establishes an agreement between a landlord and tenant for the potential purchase of a residential property in Phoenix, Arizona. This addendum offers tenants the option to buy the property they are leasing at a later date, providing a unique rent-to-own opportunity. The addendum outlines the terms and conditions for exercising the option to purchase the property. It incorporates relevant legal provisions to protect both parties' interests throughout the lease-to-own process. These provisions typically include details like the purchase price, option fee, lease term, and other important terms that must be agreed upon before the tenant can exercise their option to buy. In some cases, there may be different types of Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own available, including variations such as: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, which is agreed upon at the beginning of the lease. The tenant has the option to purchase the property at this pre-determined price anytime within the agreed-upon timeframe. 2. Variable Purchase Price Addendum: In contrast to the fixed purchase price addendum, the variable purchase price addendum does not set a specific purchase price at the start of the lease. Instead, it outlines a formula or method for determining the purchase price at the time the tenant decides to exercise their option. The formula might include factors such as market value or appraisals. 3. Option Fee Addendum: This addendum includes provisions regarding the option fee paid by the tenant. The option fee is a non-refundable payment made upfront, which secures the tenant's right to purchase the property within a specified time frame. The addendum will specify the amount of the option fee and how it may be applied towards the purchase price. Overall, the Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers landlords and tenants greater flexibility and potential benefits compared to a traditional lease agreement. It allows tenants to secure a property for potential ownership while still fulfilling their rental obligations. This type of addendum helps landlords attract tenants, potentially benefitting from an eventual sale, while tenants get the opportunity to invest in a property they are already familiar with.The Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that establishes an agreement between a landlord and tenant for the potential purchase of a residential property in Phoenix, Arizona. This addendum offers tenants the option to buy the property they are leasing at a later date, providing a unique rent-to-own opportunity. The addendum outlines the terms and conditions for exercising the option to purchase the property. It incorporates relevant legal provisions to protect both parties' interests throughout the lease-to-own process. These provisions typically include details like the purchase price, option fee, lease term, and other important terms that must be agreed upon before the tenant can exercise their option to buy. In some cases, there may be different types of Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own available, including variations such as: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, which is agreed upon at the beginning of the lease. The tenant has the option to purchase the property at this pre-determined price anytime within the agreed-upon timeframe. 2. Variable Purchase Price Addendum: In contrast to the fixed purchase price addendum, the variable purchase price addendum does not set a specific purchase price at the start of the lease. Instead, it outlines a formula or method for determining the purchase price at the time the tenant decides to exercise their option. The formula might include factors such as market value or appraisals. 3. Option Fee Addendum: This addendum includes provisions regarding the option fee paid by the tenant. The option fee is a non-refundable payment made upfront, which secures the tenant's right to purchase the property within a specified time frame. The addendum will specify the amount of the option fee and how it may be applied towards the purchase price. Overall, the Phoenix Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers landlords and tenants greater flexibility and potential benefits compared to a traditional lease agreement. It allows tenants to secure a property for potential ownership while still fulfilling their rental obligations. This type of addendum helps landlords attract tenants, potentially benefitting from an eventual sale, while tenants get the opportunity to invest in a property they are already familiar with.
