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
Atlanta, Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions of a lease agreement with an option to purchase a residential property in Atlanta, Georgia. This addendum provides both tenants and landlords with an opportunity to enter into a lease agreement with the option for the tenant to buy the property in the future. The Atlanta Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own includes several key components, such as: 1. Identification of the Parties: This addendum begins by identifying the parties involved in the agreement, including the landlord (property owner) and tenant (prospective buyer). 2. Property Details: It provides a comprehensive description of the residential property for lease or rent to own. This includes the property address, unit number (if applicable), and any additional details about the property's features and amenities. 3. Lease Term: The addendum specifies the duration of the lease term, such as one year or a specified number of months. It also outlines any conditions or restrictions related to early lease termination or renewal options. 4. Option to Purchase: The most significant aspect of this addendum is the inclusion of an option to purchase the property. It defines the terms and conditions of the option, including the purchase price, option fee (if applicable), specific conditions to exercise the option, and the expiration date of the option. 5. Rent Credit: This addendum may also include a rent credit provision, where a portion of the monthly rent payments made during the lease term is applied as a credit towards the purchase price if the tenant chooses to exercise the option to buy. 6. Purchase Agreement: In some cases, the addendum may include a separate purchase agreement that outlines the terms and conditions of the future property purchase. This agreement will specify important details such as the closing date, financing options, and any contingencies. Different types of Atlanta Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can vary based on specific terms and conditions. They may include variations in the lease term duration, purchase price, rent credit percentage, or any additional clauses negotiated between the parties. It is crucial to consult with a real estate attorney or licensed professional who specializes in these types of agreements to ensure that all legal requirements are met and to understand the specific terms and conditions of the Atlanta Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. This will help to protect both the landlord's and the tenant's interests adequately.
