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
Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own An Option to Purchase Addendum to a Residential Lease is a legal document that offers tenants the opportunity to eventually buy the property they are currently renting. In Sioux Falls, South Dakota, this addendum is commonly used by landlords and tenants who wish to explore the lease-to-own option. By signing this addendum, both parties agree on specific terms and conditions regarding the potential purchase of the property in the future. There are a few different types of Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which include: 1. Fixed Purchase Price Addendum: This type of addendum outlines a predetermined purchase price if the tenant decides to exercise their option and buy the property. The price is agreed upon at the beginning of the lease agreement, ensuring clarity and predictability for both parties. 2. Price Negotiation Addendum: With this addendum, the purchase price is not fixed from the start. Instead, the tenant and landlord agree to negotiate the price based on market conditions at the time the option is exercised. This allows for flexibility and potentially beneficial financial outcomes for both parties. 3. Lease to Own Timeline Addendum: This addendum focuses on setting a specific timeframe during which the tenant can exercise their option to purchase the property. It clearly states the start and end dates of the lease agreement and the specific period in which the tenant can exercise their option. 4. Property Condition Addendum: This type of addendum ensures that the property remains in a satisfactory condition during the lease period. It may outline responsibilities for maintenance and repairs, ensuring that the property is in suitable condition upon the tenant's decision to purchase. 5. Termination Addendum: This addendum outlines the conditions under which either party can terminate the lease-to-own agreement. It clarifies the circumstances that could lead to early termination and the associated consequences for both parties. Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool that provides tenants with the opportunity to transition from renting to homeownership. It allows them to test the property, neighborhood, and ownership responsibilities before committing to a traditional home purchase. Landlords, on the other hand, can benefit from a consistent rental income and potentially sell their property at a higher price in the future.Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own An Option to Purchase Addendum to a Residential Lease is a legal document that offers tenants the opportunity to eventually buy the property they are currently renting. In Sioux Falls, South Dakota, this addendum is commonly used by landlords and tenants who wish to explore the lease-to-own option. By signing this addendum, both parties agree on specific terms and conditions regarding the potential purchase of the property in the future. There are a few different types of Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, which include: 1. Fixed Purchase Price Addendum: This type of addendum outlines a predetermined purchase price if the tenant decides to exercise their option and buy the property. The price is agreed upon at the beginning of the lease agreement, ensuring clarity and predictability for both parties. 2. Price Negotiation Addendum: With this addendum, the purchase price is not fixed from the start. Instead, the tenant and landlord agree to negotiate the price based on market conditions at the time the option is exercised. This allows for flexibility and potentially beneficial financial outcomes for both parties. 3. Lease to Own Timeline Addendum: This addendum focuses on setting a specific timeframe during which the tenant can exercise their option to purchase the property. It clearly states the start and end dates of the lease agreement and the specific period in which the tenant can exercise their option. 4. Property Condition Addendum: This type of addendum ensures that the property remains in a satisfactory condition during the lease period. It may outline responsibilities for maintenance and repairs, ensuring that the property is in suitable condition upon the tenant's decision to purchase. 5. Termination Addendum: This addendum outlines the conditions under which either party can terminate the lease-to-own agreement. It clarifies the circumstances that could lead to early termination and the associated consequences for both parties. Sioux Falls, South Dakota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool that provides tenants with the opportunity to transition from renting to homeownership. It allows them to test the property, neighborhood, and ownership responsibilities before committing to a traditional home purchase. Landlords, on the other hand, can benefit from a consistent rental income and potentially sell their property at a higher price in the future.
