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
Coral Springs Florida 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 leasing. This addendum is particularly beneficial for individuals who are not yet ready or financially capable of buying a home but aim to become homeowners in the future. By utilizing this agreement, tenants can lock in a purchase price for the property, which could potentially be lower than the market value at the time of purchase. There are different types of Coral Springs Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each tailored to meet the specific needs of both the tenant and the landlord. These variations mainly depend on the terms and conditions outlined within the agreement, such as: 1. Fixed Purchase Price Addendum: This type of addendum establishes a fixed purchase price for the property. The price is usually determined at the beginning of the lease term, and it remains unchanged until the end of the agreed-upon lease duration. 2. Adjustable Purchase Price Addendum: In contrast to the fixed purchase price addendum, this variation allows for adjustments to the purchase price based on predetermined factors. These factors may include changes in the housing market, property appraisals, or other mutually agreed-upon conditions. 3. Rent Credit Addendum: This addendum includes a rent credit provision where a portion of the monthly rent paid by the tenant is credited towards the eventual purchase of the property. This type of agreement is particularly appealing to tenants who would like to contribute towards building equity in the property, even while leasing. 4. Lease Extension Addendum: With this addendum, tenants have the option to extend the lease term beyond the initial agreement if they require additional time to secure financing or meet other conditions for purchasing the property. This type of addendum offers flexibility for tenants who need extra time to finalize their plans for homeownership. All variations of the Coral Springs Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own aim to provide a pathway for tenants to transition from renting to owning a property. It is essential for both tenants and landlords to carefully review and understand the terms and obligations outlined in the addendum to ensure a smooth and mutually beneficial transaction.Coral Springs Florida 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 leasing. This addendum is particularly beneficial for individuals who are not yet ready or financially capable of buying a home but aim to become homeowners in the future. By utilizing this agreement, tenants can lock in a purchase price for the property, which could potentially be lower than the market value at the time of purchase. There are different types of Coral Springs Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each tailored to meet the specific needs of both the tenant and the landlord. These variations mainly depend on the terms and conditions outlined within the agreement, such as: 1. Fixed Purchase Price Addendum: This type of addendum establishes a fixed purchase price for the property. The price is usually determined at the beginning of the lease term, and it remains unchanged until the end of the agreed-upon lease duration. 2. Adjustable Purchase Price Addendum: In contrast to the fixed purchase price addendum, this variation allows for adjustments to the purchase price based on predetermined factors. These factors may include changes in the housing market, property appraisals, or other mutually agreed-upon conditions. 3. Rent Credit Addendum: This addendum includes a rent credit provision where a portion of the monthly rent paid by the tenant is credited towards the eventual purchase of the property. This type of agreement is particularly appealing to tenants who would like to contribute towards building equity in the property, even while leasing. 4. Lease Extension Addendum: With this addendum, tenants have the option to extend the lease term beyond the initial agreement if they require additional time to secure financing or meet other conditions for purchasing the property. This type of addendum offers flexibility for tenants who need extra time to finalize their plans for homeownership. All variations of the Coral Springs Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own aim to provide a pathway for tenants to transition from renting to owning a property. It is essential for both tenants and landlords to carefully review and understand the terms and obligations outlined in the addendum to ensure a smooth and mutually beneficial transaction.
