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 Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the specific terms and conditions for a lease agreement that includes an option to purchase a property in Daly City, California. This addendum is beneficial for tenants who may be interested in eventually owning the property they are currently leasing. There are several types of Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each designed to suit specific circumstances and preferences. These types may include: 1. Standard Option to Purchase Addendum: This type of addendum outlines the basic terms and conditions of the option to purchase the property at a predetermined price within a specified period. It typically covers details such as the purchase price, earnest money amount, option fee, and the length of the option period. 2. Lease-Purchase Addendum: The lease-purchase addendum is slightly different from the standard option to purchase addendum. It typically involves the tenant paying an additional monthly fee or deposit that is credited toward the purchase price of the property when the option is exercised. This type of agreement allows the tenant to accumulate funds gradually towards the purchase. 3. Lease-Option Addendum: The lease-option addendum gives the tenant the right, but not the obligation, to purchase the property within a specified period. Unlike the lease-purchase addendum, the tenant is not typically required to pay any additional amount towards the purchase price. 4. Rent Credit Addendum: The rent credit addendum is a variation of the lease-option addendum. It specifies that a certain percentage of the monthly rent paid by the tenant will be credited towards the purchase price if the option to purchase is exercised. This type of addendum provides an additional incentive for the tenant to buy the property. The Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for both landlords and tenants, as it offers flexibility and the opportunity for tenants to become homeowners while renting. It protects the interests of both parties by clearly defining the terms of the option to purchase and ensuring a smooth transition from a lease agreement to a potential sale.The Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the specific terms and conditions for a lease agreement that includes an option to purchase a property in Daly City, California. This addendum is beneficial for tenants who may be interested in eventually owning the property they are currently leasing. There are several types of Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each designed to suit specific circumstances and preferences. These types may include: 1. Standard Option to Purchase Addendum: This type of addendum outlines the basic terms and conditions of the option to purchase the property at a predetermined price within a specified period. It typically covers details such as the purchase price, earnest money amount, option fee, and the length of the option period. 2. Lease-Purchase Addendum: The lease-purchase addendum is slightly different from the standard option to purchase addendum. It typically involves the tenant paying an additional monthly fee or deposit that is credited toward the purchase price of the property when the option is exercised. This type of agreement allows the tenant to accumulate funds gradually towards the purchase. 3. Lease-Option Addendum: The lease-option addendum gives the tenant the right, but not the obligation, to purchase the property within a specified period. Unlike the lease-purchase addendum, the tenant is not typically required to pay any additional amount towards the purchase price. 4. Rent Credit Addendum: The rent credit addendum is a variation of the lease-option addendum. It specifies that a certain percentage of the monthly rent paid by the tenant will be credited towards the purchase price if the option to purchase is exercised. This type of addendum provides an additional incentive for the tenant to buy the property. The Daly City California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for both landlords and tenants, as it offers flexibility and the opportunity for tenants to become homeowners while renting. It protects the interests of both parties by clearly defining the terms of the option to purchase and ensuring a smooth transition from a lease agreement to a potential sale.
