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
Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants in Portland, Oregon, the option to purchase the property they are currently leasing. This addendum provides an opportunity for tenants to transition their lease agreement into a rent-to-own or lease-to-own arrangement. In this agreement, the tenant and the landlord agree upon specific terms and conditions regarding the potential purchase of the property. This addendum outlines the agreed-upon purchase price, the timeframe within which the tenant must exercise their option, and any additional terms related to the purchase agreement. There are several types of Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that tenants and landlords can consider: 1. Standard Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: This is the most common type of addendum, where both the tenant and the landlord agree to a future purchase price and terms. 2. Rent Credit Option to Purchase Addendum: In this type of addendum, a portion of the tenant's monthly rent is allocated as a credit towards the future purchase of the property. This allows the tenant to build equity while renting. 3. Rent-to-Own Term Extension Addendum: This addendum extends the initial lease agreement to accommodate a more extended rent-to-own period. It provides tenants with additional time to save for a down payment or improve credit scores before purchasing the property. 4. Lease-Purchase Option Addendum: This addendum allows tenants to lease the property for a specific period, during which they can exercise their option to purchase the property at a predetermined price. This type of addendum may be suitable for tenants who need more time to qualify for a mortgage loan. When considering a Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for both parties to thoroughly understand the terms and implications involved. It is advisable to consult legal professionals or real estate experts to ensure compliance with local regulations and to protect the rights and interests of both the tenant and the landlord. By providing tenants with the option to purchase the property they are currently leasing, Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own opens up the possibility of homeownership for individuals who may not be in a position to buy immediately. This can be a beneficial arrangement for both tenants and landlords, creating a win-win situation for both parties.Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants in Portland, Oregon, the option to purchase the property they are currently leasing. This addendum provides an opportunity for tenants to transition their lease agreement into a rent-to-own or lease-to-own arrangement. In this agreement, the tenant and the landlord agree upon specific terms and conditions regarding the potential purchase of the property. This addendum outlines the agreed-upon purchase price, the timeframe within which the tenant must exercise their option, and any additional terms related to the purchase agreement. There are several types of Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that tenants and landlords can consider: 1. Standard Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: This is the most common type of addendum, where both the tenant and the landlord agree to a future purchase price and terms. 2. Rent Credit Option to Purchase Addendum: In this type of addendum, a portion of the tenant's monthly rent is allocated as a credit towards the future purchase of the property. This allows the tenant to build equity while renting. 3. Rent-to-Own Term Extension Addendum: This addendum extends the initial lease agreement to accommodate a more extended rent-to-own period. It provides tenants with additional time to save for a down payment or improve credit scores before purchasing the property. 4. Lease-Purchase Option Addendum: This addendum allows tenants to lease the property for a specific period, during which they can exercise their option to purchase the property at a predetermined price. This type of addendum may be suitable for tenants who need more time to qualify for a mortgage loan. When considering a Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for both parties to thoroughly understand the terms and implications involved. It is advisable to consult legal professionals or real estate experts to ensure compliance with local regulations and to protect the rights and interests of both the tenant and the landlord. By providing tenants with the option to purchase the property they are currently leasing, Portland Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own opens up the possibility of homeownership for individuals who may not be in a position to buy immediately. This can be a beneficial arrangement for both tenants and landlords, creating a win-win situation for both parties.
