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
Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that offers a unique opportunity for tenants to become homeowners in Topeka, Kansas. This addendum adds a provision to the standard residential lease agreement, giving tenants the option to purchase the rented property at a future date. There are several types of Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that cater to different scenarios and requirements: 1. Standard Option to Purchase Addendum: This type of addendum allows tenants to secure the option to purchase the property at a predetermined price within a specific timeframe. It sets out the terms and conditions of the lease-purchase agreement, including the purchase price, option fee (if applicable), and any other relevant details. 2. Gradual Equity Builder Addendum: This addendum is designed for tenants who wish to build equity in the property gradually. It includes a portion of the monthly rent that is designated as a credit towards the eventual purchase price. This arrangement assists tenants in accumulating a down payment while renting, making it an appealing option for those aiming to become homeowners in Topeka, Kansas. 3. Lease-Purchase with Owner Financing Addendum: This addendum is ideal for tenants who may have difficulty obtaining traditional financing or have a unique financial situation. It specifies the terms of the owner financing agreement, including the interest rate, down payment, and repayment schedule. This option provides an alternative route to homeownership for tenants in Topeka, Kansas. 4. Lease-Option Addendum: The lease-option addendum grants tenants the right to purchase the property within a set timeframe but does not require them to do so. It allows tenants to evaluate the property and the local market, gaining more time before making the final decision. This option offers flexibility to tenants who are uncertain about homeownership or require additional time to secure mortgage financing. In summary, Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants the chance to transition from renting to owning a home. By selecting the appropriate type of addendum, tenants can work towards their homeownership goals while enjoying the benefits of renting in Topeka, Kansas.Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that offers a unique opportunity for tenants to become homeowners in Topeka, Kansas. This addendum adds a provision to the standard residential lease agreement, giving tenants the option to purchase the rented property at a future date. There are several types of Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that cater to different scenarios and requirements: 1. Standard Option to Purchase Addendum: This type of addendum allows tenants to secure the option to purchase the property at a predetermined price within a specific timeframe. It sets out the terms and conditions of the lease-purchase agreement, including the purchase price, option fee (if applicable), and any other relevant details. 2. Gradual Equity Builder Addendum: This addendum is designed for tenants who wish to build equity in the property gradually. It includes a portion of the monthly rent that is designated as a credit towards the eventual purchase price. This arrangement assists tenants in accumulating a down payment while renting, making it an appealing option for those aiming to become homeowners in Topeka, Kansas. 3. Lease-Purchase with Owner Financing Addendum: This addendum is ideal for tenants who may have difficulty obtaining traditional financing or have a unique financial situation. It specifies the terms of the owner financing agreement, including the interest rate, down payment, and repayment schedule. This option provides an alternative route to homeownership for tenants in Topeka, Kansas. 4. Lease-Option Addendum: The lease-option addendum grants tenants the right to purchase the property within a set timeframe but does not require them to do so. It allows tenants to evaluate the property and the local market, gaining more time before making the final decision. This option offers flexibility to tenants who are uncertain about homeownership or require additional time to secure mortgage financing. In summary, Topeka Kansas Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants the chance to transition from renting to owning a home. By selecting the appropriate type of addendum, tenants can work towards their homeownership goals while enjoying the benefits of renting in Topeka, Kansas.
