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
Costa Mesa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides an exciting opportunity for tenants to potentially become homeowners in the beautiful city of Costa Mesa. This addendum serves as an agreement between the landlord and tenant, granting the tenant the option to purchase the leased property at a predetermined price within a specified timeframe. There are different types of Costa Mesa California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each offering unique terms and conditions tailored to different situations. These variations include: 1. Lease Option Agreement: This type of addendum allows tenants to exercise their option to purchase the property at the end of the lease term. It offers flexibility for tenants who may need more time to arrange financing or improve their creditworthiness before officially buying the property. 2. Lease-Purchase Agreement: With this addendum, tenants commit to buying the property at the end of the lease period. Unlike lease options, the tenants are obligated to go through with the purchase, making it a more suitable choice for those confident in their decision and financial stability. 3. Rent-to-own Agreement: This agreement combines the benefits of leasing and homeownership, where a portion of the rent paid by the tenants is credited towards the purchase price of the property. It gives tenants the opportunity to build equity while enjoying the benefits of living in their future home. The Costa Mesa California Option to Purchase Addendum to Residential Lease offers numerous advantages to both tenants and landlords. Tenants have the chance to settle in a desirable location and possibly become homeowners without immediate upfront costs associated with a typical home purchase. Landlords benefit from motivated tenants who are likely to maintain the property well and potentially purchase it at a predetermined price. To execute this addendum effectively, it is crucial to outline the terms clearly, including the purchase price, option period, maintenance responsibilities, rental credit application, and procedures for exercising the option. Additionally, thorough inspections and assessments may be required to ascertain the property's condition and value. In conclusion, the Costa Mesa California Option to Purchase Addendum to Residential Lease provides an attractive opportunity for tenants to transition from renting to owning a property in this vibrant city. It offers flexibility, financial advantages, and a pathway towards homeownership for those looking to settle down in Costa Mesa. Tenants and landlords can benefit from carefully considering and implementing this addendum to create a mutually beneficial agreement.
