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 King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to eventually purchase the property they are currently leasing. This addendum is designed to outline the terms and conditions of the lease agreement, as well as the specific options and obligations related to the potential purchase of the property. It is important for both tenants and landlords to understand the details of this addendum to ensure a smooth and fair transaction. There are various types of King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each with slightly different terms and conditions. These may include: 1. Fixed Purchase Price Addendum: This type of addendum specifies a predetermined purchase price for the property at the end of the lease term, providing tenants with clarity on the amount they will need to pay when exercising their option to purchase. 2. Lease Credit Addendum: In this scenario, a portion of the monthly rent payments made by the tenants are credited towards the eventual purchase price of the property. This addendum allows tenants to accumulate savings over the lease term, making it easier to fund the purchase when the time comes. 3. Option Fee Addendum: Under this addendum, tenants are required to pay a non-refundable fee upfront as consideration for the option to purchase the property. This fee is typically applied towards the purchase price and ensures that tenants have a vested interest in proceeding with the purchase. 4. Rent Increase Addendum: Some addendums may include provisions for periodic rent increases over the lease term. These increases are usually set at predetermined intervals and are intended to account for inflation or other factors that may impact the property's value. When considering a King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for both tenants and landlords to carefully review and understand the terms and conditions outlined in the agreement. Consulting with a real estate professional or attorney can help ensure that all parties involved are protected and fully informed about their rights and responsibilities. In conclusion, the King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for tenants who dream of homeownership. By clearly outlining the terms of the lease and purchase options, this addendum provides a framework for a successful transition from tenant to homeowner.The King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to eventually purchase the property they are currently leasing. This addendum is designed to outline the terms and conditions of the lease agreement, as well as the specific options and obligations related to the potential purchase of the property. It is important for both tenants and landlords to understand the details of this addendum to ensure a smooth and fair transaction. There are various types of King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each with slightly different terms and conditions. These may include: 1. Fixed Purchase Price Addendum: This type of addendum specifies a predetermined purchase price for the property at the end of the lease term, providing tenants with clarity on the amount they will need to pay when exercising their option to purchase. 2. Lease Credit Addendum: In this scenario, a portion of the monthly rent payments made by the tenants are credited towards the eventual purchase price of the property. This addendum allows tenants to accumulate savings over the lease term, making it easier to fund the purchase when the time comes. 3. Option Fee Addendum: Under this addendum, tenants are required to pay a non-refundable fee upfront as consideration for the option to purchase the property. This fee is typically applied towards the purchase price and ensures that tenants have a vested interest in proceeding with the purchase. 4. Rent Increase Addendum: Some addendums may include provisions for periodic rent increases over the lease term. These increases are usually set at predetermined intervals and are intended to account for inflation or other factors that may impact the property's value. When considering a King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for both tenants and landlords to carefully review and understand the terms and conditions outlined in the agreement. Consulting with a real estate professional or attorney can help ensure that all parties involved are protected and fully informed about their rights and responsibilities. In conclusion, the King Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a valuable tool for tenants who dream of homeownership. By clearly outlining the terms of the lease and purchase options, this addendum provides a framework for a successful transition from tenant to homeowner.
