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
Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own Introduction: A Queens New York Option to Purchase Addendum is a legal document that is added to a residential lease agreement. It provides the tenant with the opportunity to lease the property with the option to purchase it at a later date. This addendum is particularly appealing to tenants who are interested in potentially owning the property they are currently renting. In Queens, New York, there are different types of Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, depending on the specific terms and conditions agreed upon by the landlord and tenant. Types of Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Option: Under this type of Addendum, a fixed purchase price is determined upfront, allowing the tenant to buy the property at a predetermined price within a specified time frame. This type of option prevents any increase in the property price, allowing the tenant to secure a future purchase at the agreed-upon amount. 2. Variable Purchase Price Option: In some cases, the Queens New York Option to Purchase Addendum may include a variable purchase price. This means that the purchase price would be determined at a later date, perhaps based on the current market value or an appraisal. This type of option allows flexibility for both parties, as the tenant can benefit from potential property value appreciation. 3. Rent Credit Option: The Rent Credit Option is another type of Addendum that is commonly included in Queens New York Lease or Rent to Own agreements. Under this agreement, a portion of the monthly rent paid by the tenant is credited toward the future purchase price of the property. This can provide a significant financial advantage to the tenant, as it accumulates as a down payment over time. 4. Lease Term Option: In certain cases, the Option to Purchase Addendum may allow the tenant to extend the lease term to align with their plans to purchase the property. This extension of the lease term provides the tenant with additional time to save money for the down payment or finalize their finances before committing to the purchase. 5. Pre-determined Purchase Time Frame Option: Another type of Addendum is one that specifies a pre-determined time frame within which the tenant must exercise their option to purchase. This ensures that both parties have a clear understanding of their obligations and timelines, allowing for a smooth transition from renting to ownership. Conclusion: The Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with a unique opportunity to eventually own the property they are currently renting. With various types of addendums available, tenants can choose the option that aligns with their financial goals and preferences. The addendum protects both the landlord and tenant by clearly outlining the terms and conditions for the future purchase, ensuring a transparent and mutually beneficial arrangement.Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own Introduction: A Queens New York Option to Purchase Addendum is a legal document that is added to a residential lease agreement. It provides the tenant with the opportunity to lease the property with the option to purchase it at a later date. This addendum is particularly appealing to tenants who are interested in potentially owning the property they are currently renting. In Queens, New York, there are different types of Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, depending on the specific terms and conditions agreed upon by the landlord and tenant. Types of Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Option: Under this type of Addendum, a fixed purchase price is determined upfront, allowing the tenant to buy the property at a predetermined price within a specified time frame. This type of option prevents any increase in the property price, allowing the tenant to secure a future purchase at the agreed-upon amount. 2. Variable Purchase Price Option: In some cases, the Queens New York Option to Purchase Addendum may include a variable purchase price. This means that the purchase price would be determined at a later date, perhaps based on the current market value or an appraisal. This type of option allows flexibility for both parties, as the tenant can benefit from potential property value appreciation. 3. Rent Credit Option: The Rent Credit Option is another type of Addendum that is commonly included in Queens New York Lease or Rent to Own agreements. Under this agreement, a portion of the monthly rent paid by the tenant is credited toward the future purchase price of the property. This can provide a significant financial advantage to the tenant, as it accumulates as a down payment over time. 4. Lease Term Option: In certain cases, the Option to Purchase Addendum may allow the tenant to extend the lease term to align with their plans to purchase the property. This extension of the lease term provides the tenant with additional time to save money for the down payment or finalize their finances before committing to the purchase. 5. Pre-determined Purchase Time Frame Option: Another type of Addendum is one that specifies a pre-determined time frame within which the tenant must exercise their option to purchase. This ensures that both parties have a clear understanding of their obligations and timelines, allowing for a smooth transition from renting to ownership. Conclusion: The Queens New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with a unique opportunity to eventually own the property they are currently renting. With various types of addendums available, tenants can choose the option that aligns with their financial goals and preferences. The addendum protects both the landlord and tenant by clearly outlining the terms and conditions for the future purchase, ensuring a transparent and mutually beneficial arrangement.
