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 Hillsboro, Oregon Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own agreement, is a legally binding contract between a property owner and a tenant that allows the tenant to have the option to purchase the rental property after a certain period of time. This agreement offers flexibility to tenants who wish to transition from renting to homeownership. There are several variations of the Hillsboro, Oregon Option to Purchase Addendum to Residential Lease, each designed to cater to specific needs and circumstances. Here are some common types: 1. Fixed-Term Rent to Own Agreement: This type of addendum establishes a specific period during which the tenant has the exclusive right to purchase the property at a predetermined price. This timeframe typically ranges from one to three years, allowing the tenant to improve their credit history or save for a down payment. 2. Monthly Rent Credit Agreement: In this variation, a portion of the monthly rent paid by the tenant is credited towards the purchase price of the property. The tenant accumulates these credits over time and can use them towards the down payment when exercising the purchase option. 3. Lease-Purchase Agreement: This type combines a traditional lease with an option to purchase the property. The tenant pays an upfront option fee or deposit, which is typically non-refundable, giving them the right to buy the property within a specified period. During this time, the property owner cannot sell the property to anyone else. 4. Lease Option Agreement: This option provides the tenant with the right to purchase the property, but does not impose an obligation to buy. The tenant has the flexibility to decide whether to exercise the purchase option at the end of the agreed-upon period. The Hillsboro, Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreement is beneficial to both tenants and property owners. Tenants have the opportunity to build equity and potentially become homeowners, while landlords can attract responsible tenants and potentially sell their property at an agreed-upon price. It is essential for both parties to carefully review the terms and conditions outlined in the addendum, including the purchase price, the duration of the option period, any rent credits, and conditions for exercising the option. Seeking legal advice is highly recommended when drafting or entering into such an agreement to ensure compliance with local laws and to protect the interests of both parties involved.The Hillsboro, Oregon Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own agreement, is a legally binding contract between a property owner and a tenant that allows the tenant to have the option to purchase the rental property after a certain period of time. This agreement offers flexibility to tenants who wish to transition from renting to homeownership. There are several variations of the Hillsboro, Oregon Option to Purchase Addendum to Residential Lease, each designed to cater to specific needs and circumstances. Here are some common types: 1. Fixed-Term Rent to Own Agreement: This type of addendum establishes a specific period during which the tenant has the exclusive right to purchase the property at a predetermined price. This timeframe typically ranges from one to three years, allowing the tenant to improve their credit history or save for a down payment. 2. Monthly Rent Credit Agreement: In this variation, a portion of the monthly rent paid by the tenant is credited towards the purchase price of the property. The tenant accumulates these credits over time and can use them towards the down payment when exercising the purchase option. 3. Lease-Purchase Agreement: This type combines a traditional lease with an option to purchase the property. The tenant pays an upfront option fee or deposit, which is typically non-refundable, giving them the right to buy the property within a specified period. During this time, the property owner cannot sell the property to anyone else. 4. Lease Option Agreement: This option provides the tenant with the right to purchase the property, but does not impose an obligation to buy. The tenant has the flexibility to decide whether to exercise the purchase option at the end of the agreed-upon period. The Hillsboro, Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own agreement is beneficial to both tenants and property owners. Tenants have the opportunity to build equity and potentially become homeowners, while landlords can attract responsible tenants and potentially sell their property at an agreed-upon price. It is essential for both parties to carefully review the terms and conditions outlined in the addendum, including the purchase price, the duration of the option period, any rent credits, and conditions for exercising the option. Seeking legal advice is highly recommended when drafting or entering into such an agreement to ensure compliance with local laws and to protect the interests of both parties involved.
