Addendum To Residential Lease With Purchase Option

State:
Alabama
Control #:
AL-00547
Format:
Word; 
Rich Text
Instant download

Description

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


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FAQ

A lease addendum is a separate document that allows you to add changes to an existing lease agreement or add new information not already included. Addendums do not act the same as a lease agreement, but adding them ensures landlords are fully protected.

Rent-to-buy, also known as rent-to-own, is when there is a lease agreement between the tenant and owner which provides for the rental of the property by the tenant for an agreed period of time and at the end of that time, the tenant has a chance to buy the house from the owner.

A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

What is a Lease Addendum? Lease addenda are separate documents that landlords add to an original lease agreement. Landlords use them to provide additional information that the original lease doesn't cover.

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More info

Tenant is responsible for the entire rent amount. What is a Lease Addendum?Lease addenda are separate documents that landlords add to an original lease agreement. PLUMBING FIXTURES: Tenant shall not use chemicals or cleaning products that will take the finish off the plumbing fixtures. Addendum to Purchase Agreement: Tenants and Parties in Possession. For real estate advice, consult your REALTOR®. 1 The undersigned Buyer and Seller, having executed a Contract to Purchase ("Contract") dated. Does my landlord have to provide me with a copy of the rental agreement I sign? If Tenant fails to timely pay any month's rent,. A lease extension addendum is a contract that further extends the term of an existing lease agreement.

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Addendum To Residential Lease With Purchase Option