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 Pomona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to purchase the property they are currently leasing. This addendum is specifically designed for residents of Pomona, California, who are looking for a rent-to-own option. In Pomona, there are several types of Option to Purchase Addendums that can be included in a residential lease, offering different terms and conditions to suit the needs of both landlords and tenants. These variations include: 1. Fixed Purchase Price Addendum: This type of addendum sets a specific purchase price for the property, which remains unchanged throughout the lease term. This provides tenants with a clear understanding of the property's value and enables them to plan for the future accordingly. 2. Graduated Purchase Price Addendum: Unlike the fixed purchase price addendum, the graduated purchase price addendum allows for an increase in the property's purchase price over time. This can be useful in a housing market that is expected to appreciate, as it allows tenants to secure a purchase price early on, potentially resulting in significant savings. 3. Lease Credit Addendum: The lease credit addendum is beneficial for tenants who wish to accumulate a portion of their monthly rent towards the down payment of the property. By incorporating this addendum into the lease agreement, a specified percentage of the monthly rent is credited towards the future purchase of the property, assisting tenants in building up equity. 4. Repair and Maintenance Addendum: This addendum outlines the responsibilities of both the landlord and tenant regarding property maintenance and repairs during the lease period. Additionally, it may specify which party will be responsible for covering the costs of repairs that may affect the property's value before the purchase. 5. Option Period Addendum: The option period addendum outlines the specific duration during which the tenant has the right to purchase the property. This addendum helps tenants understand the timeframe in which they need to make a decision, granting them the opportunity to assess the property's suitability before committing to ownership. Pomona, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own enables tenants to enter into a rent-to-own agreement, providing them with flexibility and the potential to become homeowners. By incorporating these addendums, both landlords and tenants can establish clear terms and conditions that protect their respective interests, making the leasing process transparent and beneficial for both parties involved.The Pomona California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to purchase the property they are currently leasing. This addendum is specifically designed for residents of Pomona, California, who are looking for a rent-to-own option. In Pomona, there are several types of Option to Purchase Addendums that can be included in a residential lease, offering different terms and conditions to suit the needs of both landlords and tenants. These variations include: 1. Fixed Purchase Price Addendum: This type of addendum sets a specific purchase price for the property, which remains unchanged throughout the lease term. This provides tenants with a clear understanding of the property's value and enables them to plan for the future accordingly. 2. Graduated Purchase Price Addendum: Unlike the fixed purchase price addendum, the graduated purchase price addendum allows for an increase in the property's purchase price over time. This can be useful in a housing market that is expected to appreciate, as it allows tenants to secure a purchase price early on, potentially resulting in significant savings. 3. Lease Credit Addendum: The lease credit addendum is beneficial for tenants who wish to accumulate a portion of their monthly rent towards the down payment of the property. By incorporating this addendum into the lease agreement, a specified percentage of the monthly rent is credited towards the future purchase of the property, assisting tenants in building up equity. 4. Repair and Maintenance Addendum: This addendum outlines the responsibilities of both the landlord and tenant regarding property maintenance and repairs during the lease period. Additionally, it may specify which party will be responsible for covering the costs of repairs that may affect the property's value before the purchase. 5. Option Period Addendum: The option period addendum outlines the specific duration during which the tenant has the right to purchase the property. This addendum helps tenants understand the timeframe in which they need to make a decision, granting them the opportunity to assess the property's suitability before committing to ownership. Pomona, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own enables tenants to enter into a rent-to-own agreement, providing them with flexibility and the potential to become homeowners. By incorporating these addendums, both landlords and tenants can establish clear terms and conditions that protect their respective interests, making the leasing process transparent and beneficial for both parties involved.
