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 Cambridge Massachusetts Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to provide tenants with the opportunity to purchase the property they are currently leasing. This addendum outlines the terms and conditions of the agreement, ensuring that both parties are aware of their rights and obligations. Key terms and keywords associated with the Cambridge Massachusetts Option to Purchase Addendum are as follows: 1. Lease or Rent to Own: This addendum offers tenants the exclusive option to purchase the leased property during the lease term or at the end of the lease term. It provides a unique opportunity for renters to become homeowners. 2. Residential Lease: The addendum is specifically tailored for residential properties, ensuring that tenants have the opportunity to transition from renting to owning their home. 3. Cambridge, Massachusetts: This addendum is specific to properties located in Cambridge, Massachusetts. It abides by the state's laws and regulations, making it a legally binding agreement within the jurisdiction. 4. Option to Purchase: This addendum provides tenants with the "option" to purchase the property. This means that tenants have the right to buy the property but are not obligated to do so. The decision to exercise the option is solely at the tenant's discretion. Types of Cambridge Massachusetts Option to Purchase Addendum: 1. Fixed-Term Option: This type of addendum allows tenants to exercise their option to purchase at a specified time during the lease term, typically towards the end. It provides a definitive timeline for tenants to make their decision. 2. Performance-Based Option: In this type of addendum, tenants must fulfill certain conditions or meet specific criteria before they can exercise their option to purchase. This could include maintaining a certain credit score or completing required repairs on the property. 3. Lease-Extension Option: With this type of addendum, tenants have the option to extend their lease term if they are not yet ready to exercise their option to purchase. It provides flexibility for tenants who may need additional time to secure financing or make the decision to buy. 4. Purchase Price and Terms: The addendum will outline the purchase price of the property, along with any additional terms and conditions related to the sale. This includes details about the down payment, financing options, and any applicable fees or costs. 5. Tenant's Responsibilities: The addendum also highlights the tenant's responsibilities during the lease period, such as maintaining the property, paying rent on time, and adhering to any lease covenants or restrictions. Overall, the Cambridge Massachusetts Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with an opportunity to transition from renters to homeowners, while ensuring that both parties are protected under the law.The Cambridge Massachusetts Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to provide tenants with the opportunity to purchase the property they are currently leasing. This addendum outlines the terms and conditions of the agreement, ensuring that both parties are aware of their rights and obligations. Key terms and keywords associated with the Cambridge Massachusetts Option to Purchase Addendum are as follows: 1. Lease or Rent to Own: This addendum offers tenants the exclusive option to purchase the leased property during the lease term or at the end of the lease term. It provides a unique opportunity for renters to become homeowners. 2. Residential Lease: The addendum is specifically tailored for residential properties, ensuring that tenants have the opportunity to transition from renting to owning their home. 3. Cambridge, Massachusetts: This addendum is specific to properties located in Cambridge, Massachusetts. It abides by the state's laws and regulations, making it a legally binding agreement within the jurisdiction. 4. Option to Purchase: This addendum provides tenants with the "option" to purchase the property. This means that tenants have the right to buy the property but are not obligated to do so. The decision to exercise the option is solely at the tenant's discretion. Types of Cambridge Massachusetts Option to Purchase Addendum: 1. Fixed-Term Option: This type of addendum allows tenants to exercise their option to purchase at a specified time during the lease term, typically towards the end. It provides a definitive timeline for tenants to make their decision. 2. Performance-Based Option: In this type of addendum, tenants must fulfill certain conditions or meet specific criteria before they can exercise their option to purchase. This could include maintaining a certain credit score or completing required repairs on the property. 3. Lease-Extension Option: With this type of addendum, tenants have the option to extend their lease term if they are not yet ready to exercise their option to purchase. It provides flexibility for tenants who may need additional time to secure financing or make the decision to buy. 4. Purchase Price and Terms: The addendum will outline the purchase price of the property, along with any additional terms and conditions related to the sale. This includes details about the down payment, financing options, and any applicable fees or costs. 5. Tenant's Responsibilities: The addendum also highlights the tenant's responsibilities during the lease period, such as maintaining the property, paying rent on time, and adhering to any lease covenants or restrictions. Overall, the Cambridge Massachusetts Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with an opportunity to transition from renters to homeowners, while ensuring that both parties are protected under the law.
