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
The St. Petersburg Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides an opportunity for tenants to potentially own the property they are leasing in the future. This addendum adds an option to purchase clause to the original residential lease agreement, giving tenants the right to buy the property at a predetermined price within a specified time frame. There are different types of St. Petersburg Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which may include: 1. Standard Option to Purchase Addendum: This type of addendum is the most common and straightforward. It outlines the terms under which the tenant can exercise their right to purchase the property, such as the purchase price and the duration of the option period. 2. Rent Credit Option to Purchase Addendum: In some cases, landlords may choose to offer a rent credit option to tenants. This means that a portion of the monthly rent paid by the tenant goes towards a future down payment for the property. 3. Escrow Option to Purchase Addendum: This addendum includes an escrow arrangement, where the tenant deposits a percentage of the purchase price into an escrow account. This indicates the tenant's serious intent to buy the property and holds the funds until the option period expires. 4. Lease-Extension Option to Purchase Addendum: This type of addendum allows tenants to extend their lease term if they decide to exercise the option to purchase. It provides flexibility for those unsure about their long-term plans but still want the opportunity to buy the property. St. Petersburg, Florida, is a vibrant city known for its beautiful beaches, cultural attractions, and thriving downtown. It offers a variety of housing options, and the Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a unique opportunity for tenants to transition into homeownership. Whether individuals are seeking to test out a neighborhood before committing to a purchase or trying to build up their credit for a mortgage, this addendum can be an attractive option.The St. Petersburg Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides an opportunity for tenants to potentially own the property they are leasing in the future. This addendum adds an option to purchase clause to the original residential lease agreement, giving tenants the right to buy the property at a predetermined price within a specified time frame. There are different types of St. Petersburg Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which may include: 1. Standard Option to Purchase Addendum: This type of addendum is the most common and straightforward. It outlines the terms under which the tenant can exercise their right to purchase the property, such as the purchase price and the duration of the option period. 2. Rent Credit Option to Purchase Addendum: In some cases, landlords may choose to offer a rent credit option to tenants. This means that a portion of the monthly rent paid by the tenant goes towards a future down payment for the property. 3. Escrow Option to Purchase Addendum: This addendum includes an escrow arrangement, where the tenant deposits a percentage of the purchase price into an escrow account. This indicates the tenant's serious intent to buy the property and holds the funds until the option period expires. 4. Lease-Extension Option to Purchase Addendum: This type of addendum allows tenants to extend their lease term if they decide to exercise the option to purchase. It provides flexibility for those unsure about their long-term plans but still want the opportunity to buy the property. St. Petersburg, Florida, is a vibrant city known for its beautiful beaches, cultural attractions, and thriving downtown. It offers a variety of housing options, and the Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a unique opportunity for tenants to transition into homeownership. Whether individuals are seeking to test out a neighborhood before committing to a purchase or trying to build up their credit for a mortgage, this addendum can be an attractive option.
