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Chandler Arizona Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Arizona
City:
Chandler
Control #:
AZ-00547
Format:
Word; 
Rich Text
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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 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. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses, or changing existing clauses. An amendment allows the parties to change the terms without having to sign a new Lease Agreement.

While there is nothing requiring that the landlord release you from the remaining lease term because of their desire to sell the property, there is nothing to prevent you and the landlord working together and coming to a mutual agreement on a lease term adjustment.

An Addendum is a legal document which sets out an additional legal agreement between a landlord and tenant to be read in conjuction with the main Tenancy Agreement.

The new owner must allow the tenant to stay until the end of a fixed term lease, but if the lease always was or has converted to a month-to-month lease, then the new owner may terminate tenancy by giving the tenant a 30-Day Notice of Termination.

No, lease agreements do not need to be notarized in Arizona. If a landlord and tenant wish to notarize a lease, they can have it notarized. However, it is not required by law in order for the lease to be legally binding.

A lease option is a legal agreement that allows a leaseholder to control a property and generate income from it, with the right but not necessarily the obligation, to buy it later.

A lease addendum is a legally binding document that both landlords and tenants agree to and sign (i.e., you can't add it to the lease without the tenant's knowledge!). Addendums modify the original lease agreement and/or provide additional information related to specific rental policies.

Generally, Arizona courts have strictly construed options in lease agreements because such provisions allow the optionee freedom to exercise or not exercise the option, whereas the optionor is bound by the option.

Both parties must agree to the proposed amendments. A lease is a legally binding agreement between a tenant and landlord, therefore it cannot be altered without both parties' consent. Typically, a landlord is more likely than a tenant to propose an amendment to the lease.

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