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
Surprise Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that provides tenants with an opportunity to buy the leased property at a predetermined price within a specific timeframe. This addendum serves as an extension to the standard residential lease agreement, granting tenants the option to enter into a rent-to-own arrangement. In Surprise, Arizona, there are different types of Option to Purchase Addendums available, each catering to the specific needs and preferences of tenants and landlords. Some variations include: 1. Fixed Price Option to Purchase Addendum: This type of addendum establishes a fixed purchase price for the property, usually determined at the start of the lease agreement. Tenants have the option to exercise their right to purchase the property at any point during the lease term, locking in the predetermined price. 2. Graduated Price Option to Purchase Addendum: With this addendum, the purchase price of the property increases gradually over time. It provides tenants with flexibility by allowing them to buy the property at any point during the lease term, while accounting for potential market appreciation. 3. Lease Credit Option to Purchase Addendum: This addendum rewards tenants for timely rent payments by providing them with a credit towards the purchase price. A percentage of each month's rent is accumulated as a credit, which can be applied towards the down payment or purchase price when exercising the option. 4. Lease Extension Option to Purchase Addendum: This option allows tenants to extend the lease term beyond the initial agreed-upon duration for a specified period. During this extension, tenants retain the right to purchase the property if they so choose, usually at the same terms and conditions outlined in the original addendum. No matter the type of Surprise Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own chosen, it is essential that both tenants and landlords carefully review and understand the terms and conditions. Seeking legal advice is advisable to ensure all parties are protected and fully comprehend their rights and obligations. Investing in a rent-to-own property can be an excellent opportunity for tenants who aspire to become homeowners. With the Option to Purchase Addendum, tenants can assess the property and the neighborhood before committing to buy. Meanwhile, landlords benefit from the potential appreciation of their property value and the assurance of a tenant committed to the property.Surprise Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that provides tenants with an opportunity to buy the leased property at a predetermined price within a specific timeframe. This addendum serves as an extension to the standard residential lease agreement, granting tenants the option to enter into a rent-to-own arrangement. In Surprise, Arizona, there are different types of Option to Purchase Addendums available, each catering to the specific needs and preferences of tenants and landlords. Some variations include: 1. Fixed Price Option to Purchase Addendum: This type of addendum establishes a fixed purchase price for the property, usually determined at the start of the lease agreement. Tenants have the option to exercise their right to purchase the property at any point during the lease term, locking in the predetermined price. 2. Graduated Price Option to Purchase Addendum: With this addendum, the purchase price of the property increases gradually over time. It provides tenants with flexibility by allowing them to buy the property at any point during the lease term, while accounting for potential market appreciation. 3. Lease Credit Option to Purchase Addendum: This addendum rewards tenants for timely rent payments by providing them with a credit towards the purchase price. A percentage of each month's rent is accumulated as a credit, which can be applied towards the down payment or purchase price when exercising the option. 4. Lease Extension Option to Purchase Addendum: This option allows tenants to extend the lease term beyond the initial agreed-upon duration for a specified period. During this extension, tenants retain the right to purchase the property if they so choose, usually at the same terms and conditions outlined in the original addendum. No matter the type of Surprise Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own chosen, it is essential that both tenants and landlords carefully review and understand the terms and conditions. Seeking legal advice is advisable to ensure all parties are protected and fully comprehend their rights and obligations. Investing in a rent-to-own property can be an excellent opportunity for tenants who aspire to become homeowners. With the Option to Purchase Addendum, tenants can assess the property and the neighborhood before committing to buy. Meanwhile, landlords benefit from the potential appreciation of their property value and the assurance of a tenant committed to the property.
