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 Bend Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to potentially purchase the property they are leasing at a later date. This addendum is commonly used in real estate transactions in Bend, Oregon, as it allows tenants to build up equity while renting and potentially become homeowners. There are different types of Bend Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each being tailored to the specific needs and circumstances of the parties involved. Some variations include: 1. Standard Option to Purchase Addendum: This type of addendum outlines the terms and conditions under which the tenant has the option to buy the rental property. It includes details such as the purchase price, the duration of the option period, and any other terms agreed upon by both parties. 2. Rent Credit Option to Purchase Addendum: In this variation, a portion of the monthly rent paid by the tenant is credited towards the eventual purchase price of the property. This arrangement allows tenants to build equity over time and potentially secure a mortgage more easily when they decide to exercise their option to purchase. 3. Conditional Option to Purchase Addendum: This type of addendum includes specific conditions that must be met for the tenant to exercise their option to purchase. For example, certain repairs or improvements may be required, or the tenant might need to meet specific financial conditions. These conditions are usually outlined in the addendum to ensure clarity and protect both parties' interests. Overall, the Bend Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and potentially beneficial arrangement for tenants looking to become homeowners in the future. It is crucial for both landlords and tenants to seek legal advice and ensure that all terms and conditions are clearly stated in the addendum to avoid any misunderstandings or disputes down the line.
