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
The Antioch California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to secure the option to purchase the leased property at an agreed-upon price within a specified timeframe. This addendum is often used in the Antioch, California, area to facilitate the lease or rent-to-own arrangement, allowing tenants to transition from renting to owning a property. There are different types of Antioch California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each catering to specific needs and circumstances. Some common variations may include: 1. Fixed Purchase Price: This type of addendum stipulates a predetermined purchase price for the property, which remains unchanged throughout the lease term. The tenant and landlord agree upon a fair market value and set it as the purchase price. 2. Escalating Purchase Price: In contrast to the fixed purchase price, this option allows for the purchase price to increase gradually over the lease term. It provides tenants with the advantage of potentially acquiring the property at a lower price if the real estate market appreciates. 3. Rent Credit Option: This addendum may offer a rent credit, where a percentage of the rent paid by the tenant is applied towards the eventual purchase price. This feature can be beneficial for tenants looking to accumulate a down payment while renting. 4. Lease Extension Clause: Some addendums may include a clause that grants tenants the option to extend the lease if they are unable to finalize the purchase within the initial lease term. This provides tenants with additional time and flexibility to secure financing or complete the necessary steps towards homeownership. 5. Inspection Contingency: A provision in the addendum that permits tenants to conduct a professional inspection of the property before committing to the purchase. This inspection allows tenants to identify any potential issues with the property and negotiate repairs or adjustments before finalizing the purchase. Regardless of the specific type of Antioch California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is crucial for both tenants and landlords to seek legal advice and thoroughly review the terms and conditions of the addendum. This ensures that the agreement aligns with their respective interests, protects their rights, and satisfies all legal requirements. In conclusion, the Antioch California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with an excellent opportunity to transition into homeownership gradually. With various types available, tenants can choose an addendum that suits their financial goals and circumstances. It is important to engage legal professionals during this process to ensure a smooth and legally protected transition from renting to owning.
