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Arizona Option to Purchase Addendum to Residential Lease - Lease or...

Addendum To Residential Tenancy Agreement

Category:

Landlord Tenant - Residential Leases - Purchase Options

State:

Arizona

Control #:

AZ-00547

Format:

Instant download

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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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How to fill out Arizona Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).

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.

A lease addendum is a change to an original lease contract that is agreed upon and signed by both the lessor and the lessee. A lease addendum can include a change in the length of the lease, the payment amount, the payment schedule, as well as any other terms and conditions that both parties agree to.

The addendum is a part of the lease agreement. Therefore, it does not stand on its own. However, the addendum should make references to the lease, contain the same date and name of parties as in the original lease agreement.