Nevada Option to Purchase Addendum to Residential Lease - Lease or Rent to Own
Overview of this form
The Option to Purchase Addendum to Residential Lease is a legal document that provides a lessee (tenant) the opportunity to purchase the leased property during the lease term. This form outlines the agreement between the lessor (landlord) and lessee regarding the purchase option, including terms and conditions. It is important to note that this addendum is not a lease agreement; it must be attached to a separate Residential Lease Agreement to function effectively.
Form components explained
- Identification of the lessor and lessee.
- Details of the lease agreement to which the addendum relates.
- Specification of the option to purchase, including the purchase price and notice period.
- Provision that prevents the lessor from selling the property to others during the lease term.
- Clauses regarding assignment and heirs.
- Entire agreement clause confirming that no other agreements exist outside this document.
State law considerations
This form can be used across multiple states. However, it's essential to verify that the specific provisions meet your state's legal standards for residential leases and purchase options. Always consult with a licensed attorney in your jurisdiction for any necessary modifications.
When to use this form
This form is beneficial when a tenant desires the option to purchase the rented property within a specified timeframe. It is especially useful in rent-to-own situations, allowing potential homebuyers to secure their future investment while renting the property. Utilize this addendum when negotiating lease terms with a landlord who is open to selling the property during or after the lease period.
Who this form is for
- Tenants who want the option to buy their rental property.
- Landlords interested in offering a rent-to-own arrangement.
- Individuals seeking to formalize the purchase option in their lease agreement.
Instructions for completing this form
- Identify the parties involved by entering the names of the lessor and lessee.
- Specify the property address being leased.
- Indicate the date when the option to purchase starts and the purchase price.
- Detail the notice period required for the lessee to exercise their purchase option.
- Ensure both parties sign and date the form to validate the agreement.
Does this form need to be notarized?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes
- Failing to attach this addendum to the lease agreement.
- Incorrectly specifying the purchase price or timeline.
- Omitting signatures from both parties, which can void the agreement.
Benefits of completing this form online
- Convenient access to legally vetted templates from licensed attorneys.
- Digital flexibility allows for easy editing and customization.
- Instant downloads save time and reduce paperwork hassles.
Legal use & context
- This addendum is enforceable as part of the leasing agreement, provided both parties understand and agree to the terms.
- It is important to review local real estate laws as they can affect the validity of the option to purchase.
- Ensure compliance with all state-specific landlord-tenant laws when using this form.
What to keep in mind
- The Option to Purchase Addendum allows tenants to secure the right to buy a rental property.
- This form is distinct from a lease agreement and should be attached to one.
- It is vital to ensure all parties understand the terms before signing.
Form popularity
FAQ
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.
An addendum must include the basic elements of any landlord/tenant agreement. You should include the date, the address of the rental property and the names of each party just as you would in the original lease.
Lease-option contracts give you the right to buy the home when the lease expires, while lease-purchase contracts require you to buy it. You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price.
What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
Leasing a car with the opportunity to buy it later can be a good way to get a new car for a low up-front investment and lower initial monthly payments. When you lease, you're getting a brand new car, with affordable payments and warranty coverage, with the option to buy it out at the end.
Officially record the lease agreement and purchase option. The easiest way to do this is have the paperwork notarized and then recorded in your local public real estate records. Escrow the deed. Record a mortgage.
The Basic Structure of a Lease Purchase In a lease purchase contract, the buyer and seller agree to a lease period followed by sale of the property when the lease ends. This type of agreement combines both a lease and a purchase with the tenant/purchaser securing the option to purchase the house.
Step 1: Obtain a Written Request. Invite the tenant to submit in writing the request to add another person to the lease. Step 2: Check the Property's Occupancy Limit. Step 3: Acquire a Completed Rental Application. Step 4: Make a Decision. Step 5: Review the Details With the Tenants.
