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
Wake North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that offers tenants the opportunity to purchase the property they are currently renting. This addendum is a valuable tool for individuals looking to transition from renting to homeownership. It provides tenants with the option to lease the property for a certain period, giving them time to save money for a down payment or improve their credit score, while ensuring they have the first rights to purchase the property. In Wake North Carolina, there are two main types of Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: The standard option to purchase addendum is the most common type used in Wake North Carolina. It outlines the terms and conditions of the lease agreement and includes an option fee, which is a non-refundable amount paid by the tenant to secure the right to purchase the property at a specified price within a specific time frame. This addendum ensures that the landlord cannot sell the property to any other buyer during the lease period, while giving the tenant the exclusive right to purchase it. 2. Lease-Purchase Option Addendum: The lease-purchase option addendum is a more flexible option for tenants who are not ready to commit to buying the property immediately but wish to have the option to purchase it at the end of the lease term. This addendum combines both the lease and purchase agreements into a single contract. It allows tenants to rent the property for a predetermined period, during which a portion of their monthly rent is credited towards the purchase price. This addendum is suitable for tenants who require more time to save money or improve their creditworthiness before buying the property. Both types of Wake North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provide tenants with the opportunity to become homeowners. It is essential for both landlords and tenants to consult legal professionals before entering into any lease agreement to ensure all rights and obligations are clearly defined and protected. This addendum helps tenants secure their dream home while giving them the flexibility to make necessary preparations for homeownership.
