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
Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that provides tenants with the opportunity to eventually purchase the property they are currently renting in the Bronx, New York. This addendum serves as an extension to the traditional residential lease, offering tenants the option to transition from renting to owning the property. The Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own outlines the terms, conditions, and procedures involved in exercising the purchase option. It is important for both the tenant and landlord to fully understand the addendum before signing. Key components of this addendum include: 1. Purchase Price and Terms: This section outlines the agreed-upon purchase price for the property and the terms of the sale. It may include details on down payment requirements, financing options, and any potential seller financing arrangements. 2. Option Period: The addendum specifies the duration of the option period, which is the timeframe during which the tenant can exercise their right to purchase the property. This period is typically negotiated between the tenant and landlord and can vary in length. 3. Option Fee: The addendum may require the tenant to pay an option fee upfront. This fee is usually non-refundable and serves as consideration for the landlord granting the option to purchase. 4. Maintenance and Repairs: This section clarifies the responsibilities of the tenant and landlord regarding property maintenance and repairs during the lease period. It may outline the tenant's responsibility to maintain the property in good condition and specify obligations for major repairs and regular upkeep. 5. Inspections and Due Diligence: The addendum may allow the tenant to conduct a home inspection or other inspections to assess the property's condition before finalizing the purchase. It is important for the tenant to thoroughly inspect the property and conduct necessary due diligence to ensure it meets their requirements. Different types or variations of Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can include: 1. Lease-Purchase Agreement: In this type of agreement, a portion of the rent paid by the tenant is credited towards the purchase price of the property. This allows the tenant to accumulate equity during the lease period. 2. Lease-Option Agreement: This agreement gives the tenant the right, but not the obligation, to purchase the property. The tenant typically pays an option fee upfront and has the freedom to decide whether to exercise the purchase option at the end of the lease period. 3. Rent-to-Own Agreement: This agreement combines elements of both a rental lease and a purchase agreement. A portion of the tenant's monthly rent is set aside as a potential down payment or credited towards the purchase price. This allows the tenant to build equity over time while renting the property. The Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a unique opportunity for tenants to potentially become homeowners while initially renting the property. It is crucial for both parties to seek legal advice and thoroughly review the terms and conditions outlined in the addendum to ensure a clear understanding of the rights, obligations, and benefits associated with this type of arrangement.Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that provides tenants with the opportunity to eventually purchase the property they are currently renting in the Bronx, New York. This addendum serves as an extension to the traditional residential lease, offering tenants the option to transition from renting to owning the property. The Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own outlines the terms, conditions, and procedures involved in exercising the purchase option. It is important for both the tenant and landlord to fully understand the addendum before signing. Key components of this addendum include: 1. Purchase Price and Terms: This section outlines the agreed-upon purchase price for the property and the terms of the sale. It may include details on down payment requirements, financing options, and any potential seller financing arrangements. 2. Option Period: The addendum specifies the duration of the option period, which is the timeframe during which the tenant can exercise their right to purchase the property. This period is typically negotiated between the tenant and landlord and can vary in length. 3. Option Fee: The addendum may require the tenant to pay an option fee upfront. This fee is usually non-refundable and serves as consideration for the landlord granting the option to purchase. 4. Maintenance and Repairs: This section clarifies the responsibilities of the tenant and landlord regarding property maintenance and repairs during the lease period. It may outline the tenant's responsibility to maintain the property in good condition and specify obligations for major repairs and regular upkeep. 5. Inspections and Due Diligence: The addendum may allow the tenant to conduct a home inspection or other inspections to assess the property's condition before finalizing the purchase. It is important for the tenant to thoroughly inspect the property and conduct necessary due diligence to ensure it meets their requirements. Different types or variations of Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can include: 1. Lease-Purchase Agreement: In this type of agreement, a portion of the rent paid by the tenant is credited towards the purchase price of the property. This allows the tenant to accumulate equity during the lease period. 2. Lease-Option Agreement: This agreement gives the tenant the right, but not the obligation, to purchase the property. The tenant typically pays an option fee upfront and has the freedom to decide whether to exercise the purchase option at the end of the lease period. 3. Rent-to-Own Agreement: This agreement combines elements of both a rental lease and a purchase agreement. A portion of the tenant's monthly rent is set aside as a potential down payment or credited towards the purchase price. This allows the tenant to build equity over time while renting the property. The Bronx New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a unique opportunity for tenants to potentially become homeowners while initially renting the property. It is crucial for both parties to seek legal advice and thoroughly review the terms and conditions outlined in the addendum to ensure a clear understanding of the rights, obligations, and benefits associated with this type of arrangement.
