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Bakersfield California Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
California
City:
Bakersfield
Control #:
CA-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 California Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

Recording notice of an option gives constructive notice of the option to lenders and potential Buyers, but will not make an otherwise defective option enforceable. The Buyer also needs to be sure to satisfy the requirements of an enforceable option. An option to purchase is a contract.

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.

If a lease has a bargain purchase option, the lessee must record the asset as a capital lease in an amount equal to the present value of all minimum lease payments over the lease term. During the lease term, each minimum lease payment should be allocated between a reduction of the lease obligation and interest expense.

Either way the sale of a leasehold interest is treated as a long-term capital gain if held over one year.

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.

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.

The new landlord is obligated under the same terms. Tenants are NOT required to sign a new lease. When a building changes hands, all existing agreements transfer to the new owner without modification.

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 difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.

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.

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