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
A Sandy Springs Georgia Option to Purchase Addendum to a Residential Lease, also known as a Lease or Rent-to-Own agreement, is a legal document that outlines the terms and conditions for a tenant to potentially purchase the property they are currently leasing. This type of agreement provides an opportunity for tenants to rent a home with the option to buy it in the future. The Sandy Springs Georgia Option to Purchase Addendum to a Residential Lease typically includes the following key elements: 1. Property Description: The addendum will clearly identify the address and description of the property being leased, including any specific features or amenities. 2. Lease Terms: The original lease terms, including the duration of the lease, monthly rent amount, and any specific terms like utilities or maintenance responsibilities, will be mentioned. It is important to understand any differences in lease terms for rent-to-own agreements compared to standard leases. 3. Option Fee: The addendum will specify the option fee, which is a non-refundable amount paid by the tenant to the landlord as consideration for the option to purchase the property. This fee is often negotiable but can range from a few thousand dollars to a percentage of the property's sale price. 4. Purchase Price: The addendum will outline the agreed-upon purchase price for the property. It is important to note whether the purchase price has already been determined or will be based on the property's fair market value at the time of exercise of the option. 5. Option Term: The addendum will state the duration of the option term, i.e., the period during which the tenant has the right to exercise the option and purchase the property. Typically, option terms range from one to three years. 6. Option Exercise: The process and conditions for exercising the option will be described in the addendum. This may include notification requirements, necessary documentation, and specific timelines for the exercise of the option. 7. Rent Credits: Some rent-to-own agreements provide for a portion of the monthly rent to be credited toward the purchase price of the property. The addendum will outline any rent credits, including how they will be calculated and applied. Different types of Sandy Springs Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreements may vary based on individual landlord and tenant preferences, as well as specific legal requirements in the state of Georgia. It is advisable to consult with a local real estate attorney or expert to ensure that all necessary provisions and legal requirements are included in the addendum and lease agreement.A Sandy Springs Georgia Option to Purchase Addendum to a Residential Lease, also known as a Lease or Rent-to-Own agreement, is a legal document that outlines the terms and conditions for a tenant to potentially purchase the property they are currently leasing. This type of agreement provides an opportunity for tenants to rent a home with the option to buy it in the future. The Sandy Springs Georgia Option to Purchase Addendum to a Residential Lease typically includes the following key elements: 1. Property Description: The addendum will clearly identify the address and description of the property being leased, including any specific features or amenities. 2. Lease Terms: The original lease terms, including the duration of the lease, monthly rent amount, and any specific terms like utilities or maintenance responsibilities, will be mentioned. It is important to understand any differences in lease terms for rent-to-own agreements compared to standard leases. 3. Option Fee: The addendum will specify the option fee, which is a non-refundable amount paid by the tenant to the landlord as consideration for the option to purchase the property. This fee is often negotiable but can range from a few thousand dollars to a percentage of the property's sale price. 4. Purchase Price: The addendum will outline the agreed-upon purchase price for the property. It is important to note whether the purchase price has already been determined or will be based on the property's fair market value at the time of exercise of the option. 5. Option Term: The addendum will state the duration of the option term, i.e., the period during which the tenant has the right to exercise the option and purchase the property. Typically, option terms range from one to three years. 6. Option Exercise: The process and conditions for exercising the option will be described in the addendum. This may include notification requirements, necessary documentation, and specific timelines for the exercise of the option. 7. Rent Credits: Some rent-to-own agreements provide for a portion of the monthly rent to be credited toward the purchase price of the property. The addendum will outline any rent credits, including how they will be calculated and applied. Different types of Sandy Springs Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreements may vary based on individual landlord and tenant preferences, as well as specific legal requirements in the state of Georgia. It is advisable to consult with a local real estate attorney or expert to ensure that all necessary provisions and legal requirements are included in the addendum and lease agreement.
