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
Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions of a lease agreement with an added provision giving the tenant the option to purchase the property at a future date. This addendum provides an excellent opportunity for tenants who are uncertain about buying a property outright but would like the flexibility to do so in the future. Keywords: Scottsdale, Arizona, Option to Purchase Addendum, Residential Lease, Lease, Rent to Own, tenants, property, future, flexibility. Types of Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum includes the basic provisions allowing the tenant the right to buy the property after the lease term expires. It outlines the purchase price, the timeframe in which the tenant can exercise the option, and any applicable terms and conditions. 2. Rent Credit Option to Purchase Addendum: This variation of the addendum offers rent credits towards the future purchase of the property. A certain percentage of the monthly rent is credited towards the purchase price, helping the tenant accumulate funds over time while still enjoying the benefits of leasing. 3. Lease Extension Option to Purchase Addendum: In situations where tenants require more time before committing to a purchase, this addendum allows for an extended lease term beyond the standard duration. It provides an extended period for tenants to make an informed decision while securing the property for a longer period. 4. Seller Financing Option to Purchase Addendum: This type of addendum offers a unique opportunity for tenants who may face difficulties in obtaining traditional financing. The property owner becomes the lender, allowing the tenant to make regular payments towards the purchase until the full amount is repaid. 5. Conditional Option to Purchase Addendum: This addendum includes specific conditions that need to be met before the tenant can exercise the option to purchase. These conditions may include things like meeting a minimum credit score, obtaining financing approval, or completing necessary repairs or improvements. In conclusion, the Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with the chance to lease a property while keeping the possibility of future homeownership open. It comes in various types, each tailored to meet different tenant needs and circumstances. Whether tenants prefer standard terms, rent credits, lease extensions, seller financing, or conditional requirements, this addendum offers flexibility and options for potential buyers.Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions of a lease agreement with an added provision giving the tenant the option to purchase the property at a future date. This addendum provides an excellent opportunity for tenants who are uncertain about buying a property outright but would like the flexibility to do so in the future. Keywords: Scottsdale, Arizona, Option to Purchase Addendum, Residential Lease, Lease, Rent to Own, tenants, property, future, flexibility. Types of Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum includes the basic provisions allowing the tenant the right to buy the property after the lease term expires. It outlines the purchase price, the timeframe in which the tenant can exercise the option, and any applicable terms and conditions. 2. Rent Credit Option to Purchase Addendum: This variation of the addendum offers rent credits towards the future purchase of the property. A certain percentage of the monthly rent is credited towards the purchase price, helping the tenant accumulate funds over time while still enjoying the benefits of leasing. 3. Lease Extension Option to Purchase Addendum: In situations where tenants require more time before committing to a purchase, this addendum allows for an extended lease term beyond the standard duration. It provides an extended period for tenants to make an informed decision while securing the property for a longer period. 4. Seller Financing Option to Purchase Addendum: This type of addendum offers a unique opportunity for tenants who may face difficulties in obtaining traditional financing. The property owner becomes the lender, allowing the tenant to make regular payments towards the purchase until the full amount is repaid. 5. Conditional Option to Purchase Addendum: This addendum includes specific conditions that need to be met before the tenant can exercise the option to purchase. These conditions may include things like meeting a minimum credit score, obtaining financing approval, or completing necessary repairs or improvements. In conclusion, the Scottsdale, Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with the chance to lease a property while keeping the possibility of future homeownership open. It comes in various types, each tailored to meet different tenant needs and circumstances. Whether tenants prefer standard terms, rent credits, lease extensions, seller financing, or conditional requirements, this addendum offers flexibility and options for potential buyers.
