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
If you are looking to lease or rent a property in Savannah, Georgia, with the option to purchase it in the future, a Savannah Georgia Option to Purchase Addendum to Residential Lease can be a useful document. This addendum outlines the terms and conditions of the lease agreement, while also including provisions for a potential future purchase. Let's explore the contents and types of Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. 1. Introduction: The Savannah Georgia Option to Purchase Addendum to Residential Lease begins by identifying the parties involved, including the landlord (property owner) and the tenant (prospective buyer). It also specifies the address and description of the property being leased. 2. Lease Agreement Terms: The addendum will incorporate the terms of the primary lease agreement, including the duration of the lease, monthly rent amount, payment schedule, and any additional provisions specific to the lease. 3. Option to Purchase: This addendum distinguishes itself from a regular lease by including an Option to Purchase agreement. It grants the tenant the exclusive right, but not the obligation, to purchase the property during or at the end of the lease term. The addendum will state the specific terms and conditions under which the tenant can exercise this option. 4. Purchase Price & Terms: The addendum will specify the agreed-upon purchase price for the property and any terms related to it, such as down payment amount, financing arrangements, or whether the option fee paid by the tenant will be deducted from the purchase price. 5. Duration of the Option: The addendum will establish the duration of the option period, which is the timeframe within which the tenant can exercise their right to purchase the property. This provides a level of certainty for both parties and avoids potential misunderstandings. 6. Maintenance & Repairs: The addendum may outline the responsibilities of both the landlord and tenant concerning property maintenance and repairs during the lease period. It is important to clarify who bears the costs and obligations for repairs and improvements. 7. Rent Credit: To incentivize tenants to exercise the option to purchase, the addendum may include a rent credit provision. This means that a portion of the rent paid during the lease term will be credited towards the purchase price when the tenant decides to buy the property. Types of Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Addendum: This type of addendum outlines a specific purchase price for the property, which remains unchanged throughout the lease term. It provides a clear understanding of the financial commitment required for the tenant to exercise their option to buy. 2. Adjustable Purchase Price Addendum: In this addendum, the purchase price is not explicitly stated but rather determined based on a predetermined formula or market conditions at the time of exercising the option. It allows for flexibility to adjust the purchase price according to the property's current market value. 3. Lease-Purchase Agreement Addendum: This type combines the lease and purchase agreements into one document. It outlines the terms of both the lease and the subsequent purchase, creating a seamless transition from renting to owning. In conclusion, a Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for tenants interested in potentially buying the property they are leasing. By clearly defining the terms and conditions of the option to purchase, it provides a path for renters to become homeowners in the future.If you are looking to lease or rent a property in Savannah, Georgia, with the option to purchase it in the future, a Savannah Georgia Option to Purchase Addendum to Residential Lease can be a useful document. This addendum outlines the terms and conditions of the lease agreement, while also including provisions for a potential future purchase. Let's explore the contents and types of Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. 1. Introduction: The Savannah Georgia Option to Purchase Addendum to Residential Lease begins by identifying the parties involved, including the landlord (property owner) and the tenant (prospective buyer). It also specifies the address and description of the property being leased. 2. Lease Agreement Terms: The addendum will incorporate the terms of the primary lease agreement, including the duration of the lease, monthly rent amount, payment schedule, and any additional provisions specific to the lease. 3. Option to Purchase: This addendum distinguishes itself from a regular lease by including an Option to Purchase agreement. It grants the tenant the exclusive right, but not the obligation, to purchase the property during or at the end of the lease term. The addendum will state the specific terms and conditions under which the tenant can exercise this option. 4. Purchase Price & Terms: The addendum will specify the agreed-upon purchase price for the property and any terms related to it, such as down payment amount, financing arrangements, or whether the option fee paid by the tenant will be deducted from the purchase price. 5. Duration of the Option: The addendum will establish the duration of the option period, which is the timeframe within which the tenant can exercise their right to purchase the property. This provides a level of certainty for both parties and avoids potential misunderstandings. 6. Maintenance & Repairs: The addendum may outline the responsibilities of both the landlord and tenant concerning property maintenance and repairs during the lease period. It is important to clarify who bears the costs and obligations for repairs and improvements. 7. Rent Credit: To incentivize tenants to exercise the option to purchase, the addendum may include a rent credit provision. This means that a portion of the rent paid during the lease term will be credited towards the purchase price when the tenant decides to buy the property. Types of Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Addendum: This type of addendum outlines a specific purchase price for the property, which remains unchanged throughout the lease term. It provides a clear understanding of the financial commitment required for the tenant to exercise their option to buy. 2. Adjustable Purchase Price Addendum: In this addendum, the purchase price is not explicitly stated but rather determined based on a predetermined formula or market conditions at the time of exercising the option. It allows for flexibility to adjust the purchase price according to the property's current market value. 3. Lease-Purchase Agreement Addendum: This type combines the lease and purchase agreements into one document. It outlines the terms of both the lease and the subsequent purchase, creating a seamless transition from renting to owning. In conclusion, a Savannah Georgia Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for tenants interested in potentially buying the property they are leasing. By clearly defining the terms and conditions of the option to purchase, it provides a path for renters to become homeowners in the future.
