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
Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Miami-Dade Florida Option to Purchase Addendum to Residential Lease, commonly referred to as the Lease or Rent to Own Addendum, is a legal document that outlines an agreement between a landlord and tenant providing the tenant with an option to purchase the property at a specified price within a predetermined timeframe. This arrangement is suitable for individuals who are unable to secure immediate financing or are not yet ready to commit to a full-fledged property purchase. By opting for a lease or rent to own agreement, tenants have the opportunity to test the property and potentially build equity before making the final decision to buy. Keywords: Miami-Dade Florida, Option to Purchase Addendum, Residential Lease, Lease or Rent to Own, landlord, tenant, agreement, purchase, financing, property, equity. Types of Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Price Lease Option: This type of addendum specifies a definite purchase price for the property, providing clarity and assurance to the tenant. The purchase price is usually determined at the beginning of the lease term and remains unchanged throughout the agreed-upon timeframe. 2. Escalation Lease Option: In an escalation lease option, the purchase price is subject to periodic increases over the lease term. This type of agreement is beneficial for tenants who believe that property values will appreciate significantly or anticipate an increase in their own financial capability. 3. Percentage of Appreciation Lease Option: With this addendum, the purchase price is determined by calculating a certain percentage of the property's appreciation during the lease term. This allows tenants to benefit from any increase in property value and potentially secure a more favorable purchase price. 4. Deferred Down Payment Lease Option: This type of option to purchase addendum allows tenants to pay a portion of the down payment for the property in installments over the course of the lease term. This can ease the financial burden on tenants who may not have sufficient funds upfront. 5. Credit for Rent Payments Lease Option: In a credit for rent payments agreement, a portion of the rent paid by the tenant is credited toward the purchase price of the property. This arrangement allows tenants to accumulate equity while renting. When considering a Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both landlords and tenants to seek legal advice, thoroughly understand the terms and conditions of the addendum, and ensure that it aligns with their individual goals and circumstances.Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Miami-Dade Florida Option to Purchase Addendum to Residential Lease, commonly referred to as the Lease or Rent to Own Addendum, is a legal document that outlines an agreement between a landlord and tenant providing the tenant with an option to purchase the property at a specified price within a predetermined timeframe. This arrangement is suitable for individuals who are unable to secure immediate financing or are not yet ready to commit to a full-fledged property purchase. By opting for a lease or rent to own agreement, tenants have the opportunity to test the property and potentially build equity before making the final decision to buy. Keywords: Miami-Dade Florida, Option to Purchase Addendum, Residential Lease, Lease or Rent to Own, landlord, tenant, agreement, purchase, financing, property, equity. Types of Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Price Lease Option: This type of addendum specifies a definite purchase price for the property, providing clarity and assurance to the tenant. The purchase price is usually determined at the beginning of the lease term and remains unchanged throughout the agreed-upon timeframe. 2. Escalation Lease Option: In an escalation lease option, the purchase price is subject to periodic increases over the lease term. This type of agreement is beneficial for tenants who believe that property values will appreciate significantly or anticipate an increase in their own financial capability. 3. Percentage of Appreciation Lease Option: With this addendum, the purchase price is determined by calculating a certain percentage of the property's appreciation during the lease term. This allows tenants to benefit from any increase in property value and potentially secure a more favorable purchase price. 4. Deferred Down Payment Lease Option: This type of option to purchase addendum allows tenants to pay a portion of the down payment for the property in installments over the course of the lease term. This can ease the financial burden on tenants who may not have sufficient funds upfront. 5. Credit for Rent Payments Lease Option: In a credit for rent payments agreement, a portion of the rent paid by the tenant is credited toward the purchase price of the property. This arrangement allows tenants to accumulate equity while renting. When considering a Miami-Dade Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both landlords and tenants to seek legal advice, thoroughly understand the terms and conditions of the addendum, and ensure that it aligns with their individual goals and circumstances.
