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 Tallahassee Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions for potential renters who wish to have the option to purchase the property during or at the end of their lease term. This addendum offers a unique opportunity for individuals wishing to transition from being a tenant to becoming a homeowner. In Tallahassee, Florida, there are several types of Option to Purchase Addendums available for residential leases. These include: 1. Option to Purchase Addendum — This is the standard addendum that includes all the essential terms and conditions for the tenant's option to purchase the property. It outlines the purchase price, option period, and any additional provisions related to the purchase process. 2. Lease-Purchase Option Addendum — This specific addendum is designed for tenants who want to enter into a lease-purchase agreement. This agreement allows the tenant to pay a portion of their rent towards a future down payment, accumulating equity over time. It provides renters with the flexibility to become homeowners without immediate financial strain. 3. Rent-to-Own Addendum — The Rent-to-Own addendum is tailored for tenants who want to build up credit and save for a down payment while living in the rental property. This addendum outlines the specific terms and conditions, including the amount of rent being credited towards the purchase price, the duration of the rental period, and any other relevant details related to the purchase option. When considering a Tallahassee Florida Option to Purchase Addendum, both landlords and tenants should carefully review the following crucial elements: 1. Purchase Price: The addendum must clearly state the agreed-upon purchase price for the property. This price can be determined in advance or based on the property's appraised value at the time of purchase. 2. Option Fee: The addendum should specify whether an upfront option fee is required and its amount. This fee is usually non-refundable and serves as compensation for the landlord, giving the tenant the exclusive option to purchase the property. 3. Option Period: The addendum must outline the duration of the option period during which the tenant can exercise their right to purchase the property. This period often ranges from six months to a few years, providing the tenant enough time to secure financing or accumulate a down payment. 4. Maintenance and Repairs: The responsibilities for maintenance and repairs should be clearly defined in the addendum. It should state who is responsible for routine repairs and how major repairs will be handled during the lease term. 5. Financing: The addendum might include provisions related to financing, such as whether the tenant has the flexibility to seek financing from any lender or is subject to specific requirements set by the landlord. By signing the Tallahassee Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, both parties acknowledge their commitment and intent to potentially transition from a lease agreement to a property purchase. It is crucial to consult with legal professionals to ensure that the addendum aligns with the state's laws and fulfills the specific needs and expectations of both parties involved in the transaction.
