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 Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants in Chicago, Illinois, to have an exclusive option to purchase the property they are currently leasing or renting. This addendum provides a framework for both the landlord and tenant to agree upon the terms and conditions of the potential future purchase. The addendum is designed specifically for residential leases and applies to properties within the jurisdiction of Chicago, Illinois. It is drafted to comply with local laws and regulations, ensuring that both parties are protected and their rights are upheld. The primary purpose of this addendum is to outline the terms under which the tenant can exercise their option to purchase the property during or after the lease term. The addendum will typically include detailed provisions related to the purchase price, option consideration (also known as the option fee), the duration of the option period, and any specific terms and conditions that must be met for the option to be exercised. There may be different types of Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own depending on various factors. These may include: 1. Option to Purchase during the Lease Term: This type of addendum allows the tenant to exercise the option to purchase the property while the lease is still in effect. The terms and conditions for exercising the option and completing the purchase will be clearly defined within the addendum. 2. Option to Purchase after the Lease Term: In this case, the tenant is given the opportunity to purchase the property after the lease term has expired. The addendum will specify the timeframe within which the option must be exercised and any additional conditions that need to be met. 3. Rent Credit Option to Purchase: This type of addendum allows a portion of the monthly rent paid by the tenant to be credited towards the purchase price in the event the tenant decides to exercise their option to buy the property. The addendum will define the percentage of rent that will be credited, the calculation method, and any other relevant provisions. It is important for landlords and tenants to carefully review and understand the terms outlined in the Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. It is recommended to consult with legal professionals or real estate experts to ensure compliance with local laws and to protect the interests of both parties involved.The Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants in Chicago, Illinois, to have an exclusive option to purchase the property they are currently leasing or renting. This addendum provides a framework for both the landlord and tenant to agree upon the terms and conditions of the potential future purchase. The addendum is designed specifically for residential leases and applies to properties within the jurisdiction of Chicago, Illinois. It is drafted to comply with local laws and regulations, ensuring that both parties are protected and their rights are upheld. The primary purpose of this addendum is to outline the terms under which the tenant can exercise their option to purchase the property during or after the lease term. The addendum will typically include detailed provisions related to the purchase price, option consideration (also known as the option fee), the duration of the option period, and any specific terms and conditions that must be met for the option to be exercised. There may be different types of Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own depending on various factors. These may include: 1. Option to Purchase during the Lease Term: This type of addendum allows the tenant to exercise the option to purchase the property while the lease is still in effect. The terms and conditions for exercising the option and completing the purchase will be clearly defined within the addendum. 2. Option to Purchase after the Lease Term: In this case, the tenant is given the opportunity to purchase the property after the lease term has expired. The addendum will specify the timeframe within which the option must be exercised and any additional conditions that need to be met. 3. Rent Credit Option to Purchase: This type of addendum allows a portion of the monthly rent paid by the tenant to be credited towards the purchase price in the event the tenant decides to exercise their option to buy the property. The addendum will define the percentage of rent that will be credited, the calculation method, and any other relevant provisions. It is important for landlords and tenants to carefully review and understand the terms outlined in the Chicago Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. It is recommended to consult with legal professionals or real estate experts to ensure compliance with local laws and to protect the interests of both parties involved.
