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 Clark Nevada Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own, is a legally binding agreement that offers tenants the opportunity to eventually purchase the property they are leasing. This addendum provides a structured and transparent process for tenants interested in becoming homeowners in Clark County, Nevada. The Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is tailored to suit various situations and can be customized depending on individual needs. Some different types of Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own include: 1. Fixed Purchase Price Addendum: This type of addendum sets a specific purchase price for the property, regardless of any changes in the market value during the lease term. This can be beneficial for both tenants and landlords, as it offers stability and eliminates uncertainty regarding the final purchase price. 2. Adjustable Purchase Price Addendum: This addendum allows for periodic adjustments to the purchase price of the property based on market conditions. This type of arrangement is suitable for tenants who want to take advantage of potential appreciation in the property's value during the lease term. It provides flexibility while ensuring fairness for both parties. 3. Rent Credit Addendum: Under this addendum, a portion of the rent paid by the tenant is credited towards the eventual purchase price of the property. This incentivizes tenants to continue the lease and gives them the opportunity to save towards the down payment. Rent credit addendums can be structured in various ways, such as a percentage-based credit or a fixed amount per month. 4. Lease Extension Addendum: This addendum allows for an extended lease period beyond the initial term if the tenant decides to exercise the option to purchase. It provides tenants with additional time to secure financing or fulfill other requirements before finalizing the purchase. Lease extension addendums often include specific terms and conditions that all parties must agree upon. The Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a comprehensive and detailed agreement that protects the rights and interests of both tenants and landlords. It outlines the responsibilities, obligations, and expectations of each party throughout the lease term and the eventual purchase process. It is crucial for tenants and landlords to thoroughly review and understand the addendum before entering into the lease agreement. Seek legal advice if necessary to ensure compliance with local laws and regulations.The Clark Nevada Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own, is a legally binding agreement that offers tenants the opportunity to eventually purchase the property they are leasing. This addendum provides a structured and transparent process for tenants interested in becoming homeowners in Clark County, Nevada. The Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is tailored to suit various situations and can be customized depending on individual needs. Some different types of Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own include: 1. Fixed Purchase Price Addendum: This type of addendum sets a specific purchase price for the property, regardless of any changes in the market value during the lease term. This can be beneficial for both tenants and landlords, as it offers stability and eliminates uncertainty regarding the final purchase price. 2. Adjustable Purchase Price Addendum: This addendum allows for periodic adjustments to the purchase price of the property based on market conditions. This type of arrangement is suitable for tenants who want to take advantage of potential appreciation in the property's value during the lease term. It provides flexibility while ensuring fairness for both parties. 3. Rent Credit Addendum: Under this addendum, a portion of the rent paid by the tenant is credited towards the eventual purchase price of the property. This incentivizes tenants to continue the lease and gives them the opportunity to save towards the down payment. Rent credit addendums can be structured in various ways, such as a percentage-based credit or a fixed amount per month. 4. Lease Extension Addendum: This addendum allows for an extended lease period beyond the initial term if the tenant decides to exercise the option to purchase. It provides tenants with additional time to secure financing or fulfill other requirements before finalizing the purchase. Lease extension addendums often include specific terms and conditions that all parties must agree upon. The Clark Nevada Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a comprehensive and detailed agreement that protects the rights and interests of both tenants and landlords. It outlines the responsibilities, obligations, and expectations of each party throughout the lease term and the eventual purchase process. It is crucial for tenants and landlords to thoroughly review and understand the addendum before entering into the lease agreement. Seek legal advice if necessary to ensure compliance with local laws and regulations.
