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
Orlando, Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own In Orlando, Florida, tenants often have the opportunity to pursue the option of purchasing a property that they are currently leasing. This is made possible through the Option to Purchase Addendum, which is an additional agreement that can be included in a residential lease contract. It offers tenants the option to transition from being renters to homeowners, providing them with a chance to achieve their dream of owning a property in the vibrant city of Orlando. The Orlando, Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a flexible arrangement that caters to various financial and personal circumstances. This option allows tenants to secure their current rental property for a predetermined period, typically ranging from one to three years, during which they have the exclusive right to purchase the property from the landlord at an agreed-upon price. This setup not only gives tenants time to save for a down payment or improve their credit scores but also locks in the purchase price, protecting them from potential future market increases. Types of Orlando, Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Lease with Option to Purchase: In this type of Orlando Option to Purchase Addendum, tenants enter into a lease agreement for a specific duration, usually one to three years, with the option to buy the property at the end of the lease term. During this period, a portion of the monthly rent may be credited towards the eventual purchase price. 2. Lease-Purchase Agreement: A lease-purchase agreement in Orlando functions similarly to the lease with option to purchase. However, this arrangement creates a binding contract wherein the tenant is obligated to purchase the property at the end of the lease term. 3. Rent-to-Own Agreement: The rent-to-own agreement is a variation of the Orlando Option to Purchase Addendum, wherein a portion of the monthly rent is set aside as a form of down payment or added towards the purchase price. This allows tenants to build equity in the property while they are still in the lease term and increases their chances of obtaining financing when the purchase time comes. Orlando, Florida attracts numerous individuals and families due to its strong job market, pleasant weather, and recreational opportunities. For those who are interested in becoming homeowners but may not be ready to purchase immediately, the Orlando, Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own presents an attractive opportunity to secure their desired property and transition into homeownership gradually.
