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 Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to have the option to purchase the property they are currently renting at a later date. This addendum provides specific terms and conditions for this unique leasing arrangement. It is important for both landlords and tenants in Clovis, California, to understand these terms before entering into the agreement. Key Components of the Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Option Price: This section outlines the price at which the tenant can purchase the property if they choose to exercise their option in the future. It is typically agreed upon at the beginning of the lease agreement. 2. Option Period: The addendum specifies the duration of the option period, which is the timeframe within which the tenant can exercise their option to purchase. This period is typically negotiated between the landlord and tenant and can range from several months to a few years. 3. Option Fee: This section outlines any upfront fees required by the tenant to secure the option to purchase. This fee is non-refundable and is separate from the regular rental payments. 4. Terms of Purchase: The addendum includes the terms and conditions under which the tenant can exercise their option to buy the property. It may include details about financing, repairs, or other contingencies for the purchase. 5. Rent Credits: In some cases, a portion of the rent paid by the tenant during the lease period can be applied as a credit towards the purchase price if the tenant decides to buy the property. The addendum should specify the details of these rent credits. Different Types of Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, which remains unchanged throughout the option period. 2. Escalating Purchase Price Addendum: In this addendum, the purchase price of the property gradually increases over time, usually based on predetermined factors such as inflation or market conditions. This allows the tenant to lock in a lower purchase price at the beginning of the lease. 3. Percentage of Appreciation Addendum: With this type of addendum, the purchase price is based on a percentage of the property's appreciated value at the time the option is exercised. It allows the tenant to benefit from any increase in the property's value during the lease period. 4. Lease-Purchase Addendum: In a lease-purchase agreement, a portion of the rental payment is typically applied towards the purchase price, creating a rent-to-own scenario. This addendum outlines the terms of the lease-purchase arrangement, including the purchase price, option period, and any applicable fees or credits. In conclusion, the Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants in Clovis with the opportunity to eventually purchase the property they are currently renting. This addendum is crucial in defining the terms and conditions of this unique leasing arrangement. It is essential for both landlords and tenants to thoroughly review and understand this document before entering into the agreement.The Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that allows tenants to have the option to purchase the property they are currently renting at a later date. This addendum provides specific terms and conditions for this unique leasing arrangement. It is important for both landlords and tenants in Clovis, California, to understand these terms before entering into the agreement. Key Components of the Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Option Price: This section outlines the price at which the tenant can purchase the property if they choose to exercise their option in the future. It is typically agreed upon at the beginning of the lease agreement. 2. Option Period: The addendum specifies the duration of the option period, which is the timeframe within which the tenant can exercise their option to purchase. This period is typically negotiated between the landlord and tenant and can range from several months to a few years. 3. Option Fee: This section outlines any upfront fees required by the tenant to secure the option to purchase. This fee is non-refundable and is separate from the regular rental payments. 4. Terms of Purchase: The addendum includes the terms and conditions under which the tenant can exercise their option to buy the property. It may include details about financing, repairs, or other contingencies for the purchase. 5. Rent Credits: In some cases, a portion of the rent paid by the tenant during the lease period can be applied as a credit towards the purchase price if the tenant decides to buy the property. The addendum should specify the details of these rent credits. Different Types of Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Fixed Purchase Price Addendum: This type of addendum specifies a fixed purchase price for the property, which remains unchanged throughout the option period. 2. Escalating Purchase Price Addendum: In this addendum, the purchase price of the property gradually increases over time, usually based on predetermined factors such as inflation or market conditions. This allows the tenant to lock in a lower purchase price at the beginning of the lease. 3. Percentage of Appreciation Addendum: With this type of addendum, the purchase price is based on a percentage of the property's appreciated value at the time the option is exercised. It allows the tenant to benefit from any increase in the property's value during the lease period. 4. Lease-Purchase Addendum: In a lease-purchase agreement, a portion of the rental payment is typically applied towards the purchase price, creating a rent-to-own scenario. This addendum outlines the terms of the lease-purchase arrangement, including the purchase price, option period, and any applicable fees or credits. In conclusion, the Clovis California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants in Clovis with the opportunity to eventually purchase the property they are currently renting. This addendum is crucial in defining the terms and conditions of this unique leasing arrangement. It is essential for both landlords and tenants to thoroughly review and understand this document before entering into the agreement.
