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
Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: A Detailed Description Introduction: The Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally-binding document that offers tenants the opportunity to lease a residential property with the option to purchase it at a later date. This addendum provides specific terms and conditions related to the lease-to-own agreement. In Spokane Valley, Washington, there are several types of option to purchase addendums available, catering to different needs and situations. Let's explore them in detail. Types of Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum allows tenants to exercise the option to purchase the property at a predetermined price within a specified timeframe. It outlines the terms of the lease agreement, including the monthly rent, length of the lease term, and any credits towards the purchase price that the tenant may accrue during the lease period. 2. Rent Credit Option to Purchase Addendum: In this variation, tenants have an opportunity to accumulate rent credits towards the purchase price during the lease term. The addendum clearly defines the amount of rent credit the tenant will receive each month, which can be deducted from the final purchase price when the option is exercised. 3. Lease Extension Option to Purchase Addendum: For tenants who require more time to obtain a mortgage or save for a down payment, this addendum offers an extension to the lease term. The tenant can continue renting the property for a specific period beyond the initial lease term while maintaining the option to purchase. 4. Lease Termination Option to Purchase Addendum: This addendum caters to tenants who wish to terminate the lease prematurely if they decide not to exercise the purchase option. It outlines the terms and conditions for lease termination, any potential penalties, and the process for vacating the property. 5. Contract for Deed Option to Purchase Addendum: This addendum alters the traditional lease-to-own structure. Instead of leasing the property, tenants enter into a contract for deed, which allows them to make regular payments towards the purchase price, similar to a mortgage. Upon fulfillment of the contract, ownership of the property is transferred to the tenant. Conclusion: The Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and potentially lucrative solution for tenants who aspire to become homeowners. It offers various types of addendums designed to suit different circumstances, ensuring tenants have options that align with their financial capabilities and goals. However, it is crucial that all parties thoroughly review and understand the terms and obligations stipulated in the addendum before entering into a lease agreement. Consulting with legal professionals is encouraged to ensure compliance with applicable laws and regulations.Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: A Detailed Description Introduction: The Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally-binding document that offers tenants the opportunity to lease a residential property with the option to purchase it at a later date. This addendum provides specific terms and conditions related to the lease-to-own agreement. In Spokane Valley, Washington, there are several types of option to purchase addendums available, catering to different needs and situations. Let's explore them in detail. Types of Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum allows tenants to exercise the option to purchase the property at a predetermined price within a specified timeframe. It outlines the terms of the lease agreement, including the monthly rent, length of the lease term, and any credits towards the purchase price that the tenant may accrue during the lease period. 2. Rent Credit Option to Purchase Addendum: In this variation, tenants have an opportunity to accumulate rent credits towards the purchase price during the lease term. The addendum clearly defines the amount of rent credit the tenant will receive each month, which can be deducted from the final purchase price when the option is exercised. 3. Lease Extension Option to Purchase Addendum: For tenants who require more time to obtain a mortgage or save for a down payment, this addendum offers an extension to the lease term. The tenant can continue renting the property for a specific period beyond the initial lease term while maintaining the option to purchase. 4. Lease Termination Option to Purchase Addendum: This addendum caters to tenants who wish to terminate the lease prematurely if they decide not to exercise the purchase option. It outlines the terms and conditions for lease termination, any potential penalties, and the process for vacating the property. 5. Contract for Deed Option to Purchase Addendum: This addendum alters the traditional lease-to-own structure. Instead of leasing the property, tenants enter into a contract for deed, which allows them to make regular payments towards the purchase price, similar to a mortgage. Upon fulfillment of the contract, ownership of the property is transferred to the tenant. Conclusion: The Spokane Valley Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a flexible and potentially lucrative solution for tenants who aspire to become homeowners. It offers various types of addendums designed to suit different circumstances, ensuring tenants have options that align with their financial capabilities and goals. However, it is crucial that all parties thoroughly review and understand the terms and obligations stipulated in the addendum before entering into a lease agreement. Consulting with legal professionals is encouraged to ensure compliance with applicable laws and regulations.
