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
Omaha Nebraska Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is an essential document that provides flexibility to both landlords and tenants in Omaha, Nebraska, who are interested in a potential rent-to-own arrangement. This addendum allows tenants to have the exclusive right and option to purchase the property they are currently leasing at a later date. With this addendum, tenants can live in the property for a specific period, usually one to three years, during which they have the opportunity to save for a down payment or improve their credit score, making them more eligible for a mortgage loan. Several types of Omaha Nebraska Option to Purchase Addendum to Residential Lease — Lease or Rent to Own exist, each serving different purposes. These types include: 1. Standard Option to Purchase Addendum: This is the most common type of addendum and provides tenants with a clear option to buy the property at a predetermined price within a specific timeframe. 2. Lease-Purchase Option Addendum: This type of addendum combines the lease and purchase agreement into one document, where a portion of the monthly rental payment is contributed towards the eventual purchase of the property. 3. Lease-Option Addendum: This addendum gives tenants the option to buy the property at a future date, but without any obligation to do so. They have the choice to exercise their option or walk away from the purchase without any penalties. 4. Lease with Right to Purchase Addendum: This type of addendum grants tenants the right to purchase the property, usually at a fixed price, but does not impose an obligation to do so. The tenant can decide whether to exercise their right at any time during the lease term. The Omaha Nebraska Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically contains crucial information such as: — The propertaddresses— - The names of all parties involved (landlord and tenant) — The specific terms and conditions of the lease and purchase options — The duration of the lease agreement and the option period — The purchase price or an agreed-upon method for determining it — Any amount of rent credit that will be applied towards the purchase price — The responsibilities of each party during the lease-to-own period — The procedure for exercising the option to purchase — Any contingencies or conditions that must be met for the purchase to occur — Procedures for dispute resolution or termination of the agreement By utilizing an Omaha Nebraska Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, both parties can enter into a mutually beneficial arrangement, giving tenants the opportunity to become homeowners while providing the landlord with potential income security and a prospective buyer for their property.
