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
A Victorville California Option to Purchase Addendum to Residential Lease, also known as a Lease or Rent to Own agreement, is a legal document that offers tenants the opportunity to purchase the property they are currently leasing during a specified period. This addendum provides various contractual conditions and terms that both the landlord (property owner) and tenant must adhere to. Here are some types of Victorville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Victorville California Option to Purchase Addendum: This is the most common type of Option to Purchase Addendum, where the tenant and landlord agree upon a purchase price that the tenant will pay if they choose to exercise their option to buy the property at the end of the lease term. 2. Tenant's Right of First Refusal Addendum: In this type of addendum, the landlord agrees to give the tenant the first opportunity to purchase the property before considering other offers from third parties. The tenant has the right to refuse or accept the offer made by the landlord based on the agreed terms. 3. Lease-Purchase Agreement: Unlike a standard addendum, a lease-purchase agreement combines both a lease and a purchase contract. It specifies the terms of the lease as well as the purchase price, allowing the tenant to accumulate credits towards the purchase during the lease period. 4. Lease-Option Agreement: Similar to a lease-purchase agreement, a lease-option agreement grants the tenant the exclusive right to purchase the property at the end of the lease term, but without a legally binding obligation to do so. The tenant can choose to exercise the option or walk away if they decide not to pursue the purchase. 5. Rent Credit Agreement: In this type of addendum, a portion of the tenant's monthly rent payments is credited towards the future purchase price. These rent credits accumulate during the lease term and can significantly reduce the final purchase price if the tenant decides to exercise their option. 6. Land Contract: Also known as a contract for deed, a land contract allows the tenant to make monthly payments directly to the landlord, who acts as the seller in this scenario. Once the pre-determined terms are met, the ownership of the property is transferred to the tenant. When considering a Victorville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both parties to carefully review the agreement, consult legal professionals if needed, and ensure that all terms and conditions are fully understood before entering into such an agreement.A Victorville California Option to Purchase Addendum to Residential Lease, also known as a Lease or Rent to Own agreement, is a legal document that offers tenants the opportunity to purchase the property they are currently leasing during a specified period. This addendum provides various contractual conditions and terms that both the landlord (property owner) and tenant must adhere to. Here are some types of Victorville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Victorville California Option to Purchase Addendum: This is the most common type of Option to Purchase Addendum, where the tenant and landlord agree upon a purchase price that the tenant will pay if they choose to exercise their option to buy the property at the end of the lease term. 2. Tenant's Right of First Refusal Addendum: In this type of addendum, the landlord agrees to give the tenant the first opportunity to purchase the property before considering other offers from third parties. The tenant has the right to refuse or accept the offer made by the landlord based on the agreed terms. 3. Lease-Purchase Agreement: Unlike a standard addendum, a lease-purchase agreement combines both a lease and a purchase contract. It specifies the terms of the lease as well as the purchase price, allowing the tenant to accumulate credits towards the purchase during the lease period. 4. Lease-Option Agreement: Similar to a lease-purchase agreement, a lease-option agreement grants the tenant the exclusive right to purchase the property at the end of the lease term, but without a legally binding obligation to do so. The tenant can choose to exercise the option or walk away if they decide not to pursue the purchase. 5. Rent Credit Agreement: In this type of addendum, a portion of the tenant's monthly rent payments is credited towards the future purchase price. These rent credits accumulate during the lease term and can significantly reduce the final purchase price if the tenant decides to exercise their option. 6. Land Contract: Also known as a contract for deed, a land contract allows the tenant to make monthly payments directly to the landlord, who acts as the seller in this scenario. Once the pre-determined terms are met, the ownership of the property is transferred to the tenant. When considering a Victorville California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both parties to carefully review the agreement, consult legal professionals if needed, and ensure that all terms and conditions are fully understood before entering into such an agreement.
