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
Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Dayton Ohio Option to Purchase Addendum to Residential Lease offers a unique opportunity for individuals or families who are looking to transition from renting a property to becoming homeowners in the vibrant city of Dayton, Ohio. This addendum provides a legally binding agreement between the tenant and the property owner, allowing the tenant to exercise the option to purchase the property at a predetermined price within a specified period. There are several types of Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each designed to cater to different needs and circumstances. Let's explore these options: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, ensuring that the tenant has a clear understanding of the price they need to pay when exercising their option to purchase. The price is determined at the beginning of the lease agreement and remains unchanged throughout the lease period. 2. Adjustable Purchase Price Addendum: This addendum allows for adjustments to the purchase price based on certain factors, such as changes in the market value of the property or agreed-upon appraisal methods. This flexibility provides tenants with the opportunity to potentially secure a more favorable purchase price if the property's value appreciates over time. 3. Lease Period Addendum: This type of addendum outlines the duration of the lease period, during which the tenant can exercise their option to purchase. The lease period typically ranges from one to five years, providing tenants with ample time to save for a down payment or improve their credit score before committing to buying the property. 4. Rent Credit Addendum: This addendum provides a rent credit feature, wherein a portion of the monthly rent payments made by the tenant is accumulated as a credit towards the purchase of the property. Rent credits can accumulate over time, allowing tenants to build equity and reduce the overall purchase price when they decide to become homeowners. 5. Maintenance and Repairs Addendum: This addendum establishes the responsibilities of both the tenant and the property owner regarding property maintenance and repairs during the lease period. It ensures that both parties fulfill their obligations and maintain the property's condition, protecting the interests of both the tenant as a potential buyer and the property owner. Overall, the Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers a flexible and beneficial solution for individuals or families who are eager to transition into homeownership. It provides a clear path towards owning a property while offering various options to suit different financial situations and preferences.Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own The Dayton Ohio Option to Purchase Addendum to Residential Lease offers a unique opportunity for individuals or families who are looking to transition from renting a property to becoming homeowners in the vibrant city of Dayton, Ohio. This addendum provides a legally binding agreement between the tenant and the property owner, allowing the tenant to exercise the option to purchase the property at a predetermined price within a specified period. There are several types of Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each designed to cater to different needs and circumstances. Let's explore these options: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, ensuring that the tenant has a clear understanding of the price they need to pay when exercising their option to purchase. The price is determined at the beginning of the lease agreement and remains unchanged throughout the lease period. 2. Adjustable Purchase Price Addendum: This addendum allows for adjustments to the purchase price based on certain factors, such as changes in the market value of the property or agreed-upon appraisal methods. This flexibility provides tenants with the opportunity to potentially secure a more favorable purchase price if the property's value appreciates over time. 3. Lease Period Addendum: This type of addendum outlines the duration of the lease period, during which the tenant can exercise their option to purchase. The lease period typically ranges from one to five years, providing tenants with ample time to save for a down payment or improve their credit score before committing to buying the property. 4. Rent Credit Addendum: This addendum provides a rent credit feature, wherein a portion of the monthly rent payments made by the tenant is accumulated as a credit towards the purchase of the property. Rent credits can accumulate over time, allowing tenants to build equity and reduce the overall purchase price when they decide to become homeowners. 5. Maintenance and Repairs Addendum: This addendum establishes the responsibilities of both the tenant and the property owner regarding property maintenance and repairs during the lease period. It ensures that both parties fulfill their obligations and maintain the property's condition, protecting the interests of both the tenant as a potential buyer and the property owner. Overall, the Dayton Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers a flexible and beneficial solution for individuals or families who are eager to transition into homeownership. It provides a clear path towards owning a property while offering various options to suit different financial situations and preferences.
