Michigan Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Michigan Option to Purchase Addendum to Residential Lease - Lease or Rent to Own
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State:
Michigan
Control #:
MI-00547
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Available formats: Word | Rich Text
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Option-to-Purchase Value Package. Essential Forms.

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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Option-to-Purchase Value Package. Essential Forms.

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FAQ

Why rent to own is bad?

How do I set up a lease to own agreement?

Can you add an addendum to a lease?

Is rent-to-own a good option for buyer?

What is a lease renewal addendum?

Can the terms of a lease be changed?

Is rent-to-own the same as lease option?

Does an addendum supercede a lease?

Is lease to own a good option?

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