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 Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the option to buy the property they are currently leasing at a later date. This addendum offers a unique opportunity for individuals who want to rent a home but also have the desire to eventually become homeowners in Contra Costa County, California. The Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a beneficial tool for both tenants and landlords. Tenants can secure a place to live while simultaneously having the flexibility to purchase the property in the future. Landlords can attract tenants who are serious about committing to a long-term lease agreement while potentially receiving additional income through the option fee. Different variations of the Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may exist, each tailored to meet the specific needs and preferences of landlords and tenants. Some possible types include: 1. Fixed-Term Option Addendum: This addendum sets a specific time frame during which the tenant has the option to purchase the property. For example, the tenant may have the right to buy the house within the first three years of the lease term. 2. Rent Credit Option Addendum: This type of addendum offers tenants the opportunity to accumulate rent credits towards the eventual purchase price of the property. A portion of the monthly rent paid by the tenant is credited towards the down payment or purchase price if they exercise their option to buy. 3. Adjustable Purchase Price Addendum: With this addendum, the purchase price of the property is not fixed at the time of signing the lease. Instead, it is determined based on the fair market value of the property at the time the tenant exercises their option to buy. This can be beneficial in a fluctuating real estate market. 4. Prepaid Option Fee Addendum: Some addendums require tenants to pay a non-refundable option fee upfront. This fee grants them the exclusive right to purchase the property within a specified period. The option fee is typically applied towards the purchase price if the tenant decides to buy. The Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool that enables tenants to plan for homeownership while fulfilling their immediate housing needs. It allows landlords to attract responsible, long-term tenants while potentially securing a future home sale.The Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the option to buy the property they are currently leasing at a later date. This addendum offers a unique opportunity for individuals who want to rent a home but also have the desire to eventually become homeowners in Contra Costa County, California. The Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a beneficial tool for both tenants and landlords. Tenants can secure a place to live while simultaneously having the flexibility to purchase the property in the future. Landlords can attract tenants who are serious about committing to a long-term lease agreement while potentially receiving additional income through the option fee. Different variations of the Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may exist, each tailored to meet the specific needs and preferences of landlords and tenants. Some possible types include: 1. Fixed-Term Option Addendum: This addendum sets a specific time frame during which the tenant has the option to purchase the property. For example, the tenant may have the right to buy the house within the first three years of the lease term. 2. Rent Credit Option Addendum: This type of addendum offers tenants the opportunity to accumulate rent credits towards the eventual purchase price of the property. A portion of the monthly rent paid by the tenant is credited towards the down payment or purchase price if they exercise their option to buy. 3. Adjustable Purchase Price Addendum: With this addendum, the purchase price of the property is not fixed at the time of signing the lease. Instead, it is determined based on the fair market value of the property at the time the tenant exercises their option to buy. This can be beneficial in a fluctuating real estate market. 4. Prepaid Option Fee Addendum: Some addendums require tenants to pay a non-refundable option fee upfront. This fee grants them the exclusive right to purchase the property within a specified period. The option fee is typically applied towards the purchase price if the tenant decides to buy. The Contra Costa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool that enables tenants to plan for homeownership while fulfilling their immediate housing needs. It allows landlords to attract responsible, long-term tenants while potentially securing a future home sale.
