Mississippi Option to Purchase Addendum to Residential Lease - Lease or Rent to Own
About this form
The Option to Purchase Addendum to Residential Lease is a legal document that adds a purchase option to an existing residential lease agreement. This addendum specifies that the landlord (lessor) agrees not to sell the property during the lease term, allowing the tenant (lessee) to purchase it before the lease expires. This form is distinct from a typical lease agreement and must be used alongside a separate Residential Lease Agreement.
What’s included in this form
- Identification of the parties: Clearly defines lessor and lessee.
- Property description: Specifies the residential property being leased.
- Option to purchase: Outlines the terms under which the tenant can purchase the property.
- Notice requirement: Details how the tenant must notify the landlord of their intent to purchase.
- Exclusivity clause: States that the landlord cannot sell the property to anyone else during the lease term.
Common use cases
This form is useful in scenarios where a tenant wishes to secure the option to purchase the rental property they are leasing. It is applicable in rent-to-own situations where tenants have expressed the desire to eventually buy the property but want to maintain the flexibility of renting initially.
Intended users of this form
This addendum is intended for:
- Landlords wanting to offer tenants the option to purchase the property during the rental period.
- Tenants interested in potentially buying the home they are renting.
- Real estate professionals involved in lease agreements that include purchase options.
How to complete this form
- Identify the parties involved: Fill in the names of the lessor and lessee.
- Specify the property: Provide the address and details of the rented property.
- Enter the purchase option date: Indicate when the purchase option begins and ends.
- State the purchase price: Fill in the amount the lessee will pay to purchase the property.
- Include notice timeline: Indicate how many days in advance the lessee must inform the lessor of their intent to purchase.
- Sign and date: Ensure both parties sign the addendum to make it legally binding.
Does this document require notarization?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to attach the addendum to the Residential Lease Agreement.
- Not specifying the purchase price clearly leading to disputes.
- Ignoring state-specific legal requirements for purchase options.
- Not keeping a copy for both lessor and lessee after signing.
Benefits of using this form online
- Convenience of downloading and printing from anywhere.
- Editability to tailor the form to specific needs before signing.
- Access to attorney-drafted forms ensuring legal reliability.
Legal use & context
- This addendum is legally binding and creates a formal option to purchase agreement between lessor and lessee.
- Both parties should fully understand all terms before signing to avoid disputes.
Key takeaways
- The Option to Purchase Addendum provides tenants the chance to buy the property they are renting.
- Landlords must respect the tenant's option to ensure the property is not sold to others during the lease term.
- Both parties should complete and sign the document to safeguard their interests.
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FAQ
Create Document. A lease extension addendum is a contract that further extends the term of an existing lease agreement. The addendum will establish a new lease termination date that both the landlord and tenant agree to.
A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.
A lease addendum allows a landlord or tenant to make changes to a current residential or commercial lease agreement.Once both parties agree and sign, the addendum should be added to the original lease.
Rent-to-own agreements include a standard lease agreement and also an option to buy the property at a later time. Lease-option contracts give you the right to buy the home when the lease expires, while lease-purchase contracts require you to buy it.
Lease addenda are separate documents that landlords add to an original lease agreement.Be sure not to confuse addenda with lease amendments, which are changes made directly to the existing lease itself. While they serve a similar purpose, amendments are often used mistakenly to mean the same thing as addenda.
If you are a leaseholder, you cannot change the lease terms without agreeing such change with your landlord. The reason for this is that as the lease is a contract between two parties, the leaseholder and the landlord, both parties must agree to change (referred to also as variation) of the terms of the lease.
The Lease Must be in Writing It does not matter if the lease is handwritten or typed. If the lease is for more than one year, it must be in written form and contain the following terms.
A lease and addendum are esentially the same thing, 'the lease'. The addendum is part of the lease, it does not stand on it's own. If the lease and addendum say different things, but one does not supercede the other, it's ambigious, and the least restrictive clause stands.
The Lease or Rental Agreement. The Option to Purchase. Payment of Rent and Setting Aside Monthly Rent Payments Varies. Tenant Makes Necessary Repairs to the Rental Property. Tenant Must Fulfill Lease Obligations. The Tenant Should Inspect the House and Order an Appraisal.
