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 Salt Lake Utah Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that allows tenants the opportunity to eventually purchase the property they are currently leasing. This addendum serves as an extension to the original lease agreement, outlining the terms, conditions, and details associated with the lease-to-own option. The Salt Lake Utah Option to Purchase Addendum can vary depending on individual circumstances and agreements between the landlord and tenant. Some common types of lease-to-own addendums in the Salt Lake City area may include: 1. Fixed Purchase Price Addendum: This type of addendum includes a predetermined purchase price that remains unchanged throughout the term of the lease. It provides clarity to both parties regarding the price at which the tenant can buy the property at a later date. 2. Rent Credit Addendum: This addendum specifies that a portion of the tenant's monthly rent payment will be credited toward the eventual purchase of the property. The amount credited can be a fixed percentage or a specific dollar amount, typically determined in advance. 3. Option Fee Addendum: In certain cases, the landlord may require the tenant to pay an option fee upfront to secure the right to purchase the property. This fee is usually non-refundable and acts as compensation for providing the tenant with the option to buy the property at a later date. 4. Inspection Addendum: This type of addendum allows the tenant to conduct a professional inspection of the property before finalizing the purchase. It outlines the details of the inspection process and any necessary repairs or adjustments to be addressed by the landlord. 5. Termination of Lease Addendum: This addendum outlines the conditions under which either party can terminate the lease-to-own agreement before the purchase is completed. It provides clarity on termination procedures, notice periods, and any financial implications for both parties. When entering into a Salt Lake Utah Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is crucial to consult with an attorney or real estate professional to ensure all legal requirements are met and both parties' interests are protected. Each addendum can have specific clauses and provisions that may require careful consideration to ensure a smooth and equitable transaction.The Salt Lake Utah Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that allows tenants the opportunity to eventually purchase the property they are currently leasing. This addendum serves as an extension to the original lease agreement, outlining the terms, conditions, and details associated with the lease-to-own option. The Salt Lake Utah Option to Purchase Addendum can vary depending on individual circumstances and agreements between the landlord and tenant. Some common types of lease-to-own addendums in the Salt Lake City area may include: 1. Fixed Purchase Price Addendum: This type of addendum includes a predetermined purchase price that remains unchanged throughout the term of the lease. It provides clarity to both parties regarding the price at which the tenant can buy the property at a later date. 2. Rent Credit Addendum: This addendum specifies that a portion of the tenant's monthly rent payment will be credited toward the eventual purchase of the property. The amount credited can be a fixed percentage or a specific dollar amount, typically determined in advance. 3. Option Fee Addendum: In certain cases, the landlord may require the tenant to pay an option fee upfront to secure the right to purchase the property. This fee is usually non-refundable and acts as compensation for providing the tenant with the option to buy the property at a later date. 4. Inspection Addendum: This type of addendum allows the tenant to conduct a professional inspection of the property before finalizing the purchase. It outlines the details of the inspection process and any necessary repairs or adjustments to be addressed by the landlord. 5. Termination of Lease Addendum: This addendum outlines the conditions under which either party can terminate the lease-to-own agreement before the purchase is completed. It provides clarity on termination procedures, notice periods, and any financial implications for both parties. When entering into a Salt Lake Utah Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is crucial to consult with an attorney or real estate professional to ensure all legal requirements are met and both parties' interests are protected. Each addendum can have specific clauses and provisions that may require careful consideration to ensure a smooth and equitable transaction.
