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
Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to have the opportunity to buy the property they are currently leasing. This addendum serves as an agreement between the landlord and tenant, outlining the terms and conditions of the lease-to-own arrangement. This addendum is particularly beneficial to renters who aspire to become homeowners in Fort Collins, Colorado. It provides them with a pathway to homeownership by offering them the exclusive right to purchase the leased property within a specified time frame. By entering into this agreement, tenants can enjoy the benefits of living in the home while saving up for a down payment or improving their credit score. The Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can come in various types and variations, depending on the specific arrangement between the landlord and tenant. Some possible types of addendums may include: 1. Fixed Purchase Price Addendum: This type of addendum includes a predetermined purchase price that remains unchanged throughout the lease term. The tenant has the option to buy the property at this pre-established price, regardless of any changes in the real estate market. 2. Graduated Purchase Price Addendum: With this type of addendum, the purchase price gradually increases over the lease period. The tenant has the opportunity to purchase the property at a specified price, which increases annually or at predefined intervals. This allows tenants to benefit from potential property value appreciation. 3. Rent Credit Addendum: In this type of addendum, a portion of the monthly rent paid by the tenant is credited toward the future purchase price of the property. The accumulated rent credits can be used as a down payment or deducted from the final purchase price when exercising the option to buy. 4. Maintenance and Repairs Addendum: This addendum outlines the responsibilities of both the landlord and tenant regarding property maintenance and repairs. It specifies who is responsible for upkeep costs during the lease term and how any repairs or improvements may affect the purchase price. 5. Lease Option Expiration Addendum: If the tenant decides not to exercise their option to purchase, this addendum establishes the consequences and procedures for terminating the lease agreement without purchase obligations. It may include terms relating to security deposit refunds and any penalties associated with the non-purchase decision. When considering a Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both parties to consult with legal professionals to ensure all aspects of the agreement are properly understood and adhered to.Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to have the opportunity to buy the property they are currently leasing. This addendum serves as an agreement between the landlord and tenant, outlining the terms and conditions of the lease-to-own arrangement. This addendum is particularly beneficial to renters who aspire to become homeowners in Fort Collins, Colorado. It provides them with a pathway to homeownership by offering them the exclusive right to purchase the leased property within a specified time frame. By entering into this agreement, tenants can enjoy the benefits of living in the home while saving up for a down payment or improving their credit score. The Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can come in various types and variations, depending on the specific arrangement between the landlord and tenant. Some possible types of addendums may include: 1. Fixed Purchase Price Addendum: This type of addendum includes a predetermined purchase price that remains unchanged throughout the lease term. The tenant has the option to buy the property at this pre-established price, regardless of any changes in the real estate market. 2. Graduated Purchase Price Addendum: With this type of addendum, the purchase price gradually increases over the lease period. The tenant has the opportunity to purchase the property at a specified price, which increases annually or at predefined intervals. This allows tenants to benefit from potential property value appreciation. 3. Rent Credit Addendum: In this type of addendum, a portion of the monthly rent paid by the tenant is credited toward the future purchase price of the property. The accumulated rent credits can be used as a down payment or deducted from the final purchase price when exercising the option to buy. 4. Maintenance and Repairs Addendum: This addendum outlines the responsibilities of both the landlord and tenant regarding property maintenance and repairs. It specifies who is responsible for upkeep costs during the lease term and how any repairs or improvements may affect the purchase price. 5. Lease Option Expiration Addendum: If the tenant decides not to exercise their option to purchase, this addendum establishes the consequences and procedures for terminating the lease agreement without purchase obligations. It may include terms relating to security deposit refunds and any penalties associated with the non-purchase decision. When considering a Fort Collins Colorado Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both parties to consult with legal professionals to ensure all aspects of the agreement are properly understood and adhered to.
