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
Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions for granting the tenant an option to purchase the leased property in Stockton, California. This addendum provides an opportunity for tenants to convert their lease agreement into a rent-to-own or lease-to-own arrangement, providing them with the flexibility and potential benefits of homeownership. There are different types of Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which include: 1. Fixed Purchase Price Addendum: This type of addendum stipulates a specific purchase price for the property at the time of entering into the lease agreement. The tenant has the right to purchase the property at this predetermined price, regardless of market fluctuations. 2. Adjustable Purchase Price Addendum: Unlike the fixed purchase price addendum, this type allows for adjustments in the purchase price during the lease term. The purchase price may be determined based on market conditions, appraisal, or negotiation between the parties. 3. Lease Option Term Addendum: This addendum specifies the duration of the lease option period. It outlines the exact length of time during which the tenant has the right to exercise their option to purchase the property. This period is typically agreed upon by both the landlord and the tenant. 4. Rent Credit Addendum: The rent credit addendum outlines the amount of rent that will be credited towards the purchase price of the property. This credit is usually agreed upon in advance and applied towards the down payment or closing costs when the tenant exercises their option to buy. 5. Non-Refundable Option Fee Addendum: In some cases, the landlord may require the tenant to pay a non-refundable option fee as a consideration for granting them the option to purchase the property. This fee is separate from the security deposit and serves as compensation for the landlord if the tenant decides not to exercise their option to buy. 6. Maintenance and Repairs Addendum: This addendum addresses the responsibility for repairs and maintenance during the lease option period. It outlines who is responsible for specific types of repairs and how such expenses are to be handled. The Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and equitable solution for tenants who aspire to become homeowners in the future. It offers both the tenant and the landlord the opportunity to enter into a mutually beneficial agreement that can potentially lead to a successful home purchase transaction in Stockton, California.Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions for granting the tenant an option to purchase the leased property in Stockton, California. This addendum provides an opportunity for tenants to convert their lease agreement into a rent-to-own or lease-to-own arrangement, providing them with the flexibility and potential benefits of homeownership. There are different types of Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which include: 1. Fixed Purchase Price Addendum: This type of addendum stipulates a specific purchase price for the property at the time of entering into the lease agreement. The tenant has the right to purchase the property at this predetermined price, regardless of market fluctuations. 2. Adjustable Purchase Price Addendum: Unlike the fixed purchase price addendum, this type allows for adjustments in the purchase price during the lease term. The purchase price may be determined based on market conditions, appraisal, or negotiation between the parties. 3. Lease Option Term Addendum: This addendum specifies the duration of the lease option period. It outlines the exact length of time during which the tenant has the right to exercise their option to purchase the property. This period is typically agreed upon by both the landlord and the tenant. 4. Rent Credit Addendum: The rent credit addendum outlines the amount of rent that will be credited towards the purchase price of the property. This credit is usually agreed upon in advance and applied towards the down payment or closing costs when the tenant exercises their option to buy. 5. Non-Refundable Option Fee Addendum: In some cases, the landlord may require the tenant to pay a non-refundable option fee as a consideration for granting them the option to purchase the property. This fee is separate from the security deposit and serves as compensation for the landlord if the tenant decides not to exercise their option to buy. 6. Maintenance and Repairs Addendum: This addendum addresses the responsibility for repairs and maintenance during the lease option period. It outlines who is responsible for specific types of repairs and how such expenses are to be handled. The Stockton California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and equitable solution for tenants who aspire to become homeowners in the future. It offers both the tenant and the landlord the opportunity to enter into a mutually beneficial agreement that can potentially lead to a successful home purchase transaction in Stockton, California.
