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
Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants to have the opportunity to purchase the property they are currently renting. This addendum is designed to provide tenants with a clear framework and legally binding agreement for lease-to-own arrangements. The Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own outlines the terms and conditions that both the landlord and tenant must adhere to throughout the lease-to-own process. This addendum serves as an additional agreement to the original residential lease agreement, creating a pathway for the tenant to become a homeowner. Specifically, the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own includes the purchase price agreed upon by both parties, the duration of the lease-to-own agreement, and the terms of the option fee paid by the tenant to secure the right to purchase the property. To ensure that both parties are protected, this addendum also includes provisions for repairs and maintenance responsibilities during the lease-to-own period. It may specify whether the tenant or landlord is responsible for certain repairs and maintenance tasks, how repairs will be handled, and how any costs will be shared. It is important to note that there may be different variations or types of the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. Some variations may include: 1. Basic Lease-to-Own Addendum: This type of addendum outlines the fundamental terms and conditions of the lease-to-own arrangement, including the purchase price, option fee, and duration of the agreement. 2. Rent Credit Addendum: This variation allows a portion of the monthly rent to be credited toward the final purchase price of the property. It may include details on how the rent credit is calculated and applied. 3. Down Payment Addendum: This type of addendum allows tenants to make an upfront down payment towards the purchase price of the property. It may outline the terms of the down payment and any subsequent payments required. 4. Maintenance and Repairs Addendum: This variation specifies the obligations and responsibilities of both the tenant and landlord concerning maintenance and repairs during the lease-to-own period. It may include details on how repairs will be handled and associated costs. In conclusion, the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants in Santa Clara, California, with a pathway to homeownership. By clearly delineating the terms and conditions of the lease-to-own arrangement, this addendum provides both parties with a legally binding agreement that protects their respective interests.Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants to have the opportunity to purchase the property they are currently renting. This addendum is designed to provide tenants with a clear framework and legally binding agreement for lease-to-own arrangements. The Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own outlines the terms and conditions that both the landlord and tenant must adhere to throughout the lease-to-own process. This addendum serves as an additional agreement to the original residential lease agreement, creating a pathway for the tenant to become a homeowner. Specifically, the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own includes the purchase price agreed upon by both parties, the duration of the lease-to-own agreement, and the terms of the option fee paid by the tenant to secure the right to purchase the property. To ensure that both parties are protected, this addendum also includes provisions for repairs and maintenance responsibilities during the lease-to-own period. It may specify whether the tenant or landlord is responsible for certain repairs and maintenance tasks, how repairs will be handled, and how any costs will be shared. It is important to note that there may be different variations or types of the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. Some variations may include: 1. Basic Lease-to-Own Addendum: This type of addendum outlines the fundamental terms and conditions of the lease-to-own arrangement, including the purchase price, option fee, and duration of the agreement. 2. Rent Credit Addendum: This variation allows a portion of the monthly rent to be credited toward the final purchase price of the property. It may include details on how the rent credit is calculated and applied. 3. Down Payment Addendum: This type of addendum allows tenants to make an upfront down payment towards the purchase price of the property. It may outline the terms of the down payment and any subsequent payments required. 4. Maintenance and Repairs Addendum: This variation specifies the obligations and responsibilities of both the tenant and landlord concerning maintenance and repairs during the lease-to-own period. It may include details on how repairs will be handled and associated costs. In conclusion, the Santa Clara California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants in Santa Clara, California, with a pathway to homeownership. By clearly delineating the terms and conditions of the lease-to-own arrangement, this addendum provides both parties with a legally binding agreement that protects their respective interests.
