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
Chandler Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement designed for tenants who wish to potentially buy the property they are currently renting. This addendum provides a valuable opportunity for individuals to turn their rental homes into permanent residences, offering the flexibility of leasing with the possibility of later purchasing. There are several types of Chandler Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each catering to specific circumstances. These variations may include: 1. Standard Option to Purchase Addendum: This is the most common and basic form of the addendum. It outlines the agreed-upon terms between the landlord (also known as the lessor) and the tenant (also known as the lessee) regarding the future purchase of the rental property. Key details such as the purchase price, expiration of the option period, and any financial considerations are clearly depicted. 2. Rent Credit Option to Purchase Addendum: This type of addendum combines the leasing and purchasing elements by incorporating a rent credit program. A predetermined portion of the monthly rent paid by the tenant is credited towards the eventual down payment or purchase price of the property. This option is particularly attractive for tenants who find it challenging to save up for a down payment while renting. 3. Lease Renewal Option to Purchase Addendum: Ideal for tenants who are uncertain about fully committing to purchasing the property at the end of their lease term. This addendum allows the option to renew the lease while still retaining the right to purchase the property if desired. It provides tenants with more time to evaluate their financial situation and suitability for homeownership. 4. Lease Extension with Purchase Option Addendum: Designed for situations where tenants require more time to secure financing or meet other personal circumstances before exercising the purchase option. This addendum grants an extension to the lease term alongside the purchase option. It provides flexibility and enables tenants to bridge any time gaps between ending the lease and purchasing the property. When considering a Chandler Arizona Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is crucial to consult an experienced real estate attorney to ensure that all legal requirements and obligations are met. This addendum can be an advantageous tool for both tenants and landlords, offering the opportunity for renters to eventually become homeowners while providing landlords with potential long-term tenants.
