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
Nashville Tennessee Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that allows tenants to have the opportunity to purchase the residential property they are currently leasing or renting. This addendum serves as an extension to the existing lease agreement, providing specific terms and conditions related to the option to buy the property in the future. In Nashville, there are different types of Option to Purchase Addendums available for residential leases, aimed at accommodating various needs and circumstances. These may include: 1. Standard Option to Purchase Addendum: This type allows tenants to exercise their right to purchase the property at a specified price within a predetermined time frame. It outlines the terms of the purchase, including purchase price, payment schedule, and any additional provisions or conditions. 2. Rent Credit Option to Purchase Addendum: With this type of addendum, a portion of the monthly rent paid by the tenant is credited towards the future purchase price of the property. It incentivizes tenants to continue renting while saving towards homeownership. 3. Lease-Purchase Option Addendum: This addendum combines elements of both a lease agreement and a purchase contract. It establishes a fixed-term lease agreement, during which the tenant has the right to purchase the property at an agreed-upon price. This type provides an extended period for tenants to secure financing or address any personal circumstances that may impact their ability to purchase immediately. 4. Lease-Option Addendum: Similar to the Lease-Purchase option, this addendum grants the tenant the right to buy the property but without any obligation to do so. This type gives tenants the flexibility to decide whether to exercise their option to purchase during or at the end of the lease term. Nashville Tennessee Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is designed to provide tenants with the opportunity to transition from being renters to becoming homeowners. It allows them to secure a home they are already familiar with while having additional time to save for a down payment, improve credit scores, or resolve any other obstacles that could hinder immediate home buying. Tenants interested in this option should consult with a real estate attorney and thoroughly review the addendum to ensure they fully understand their rights and obligations as well as the specific terms and conditions outlined in the document.
