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 Downey California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to buy the property they are currently leasing. This option allows renters to enter into a lease agreement with the added benefit of having the future option to purchase the property at a predetermined price. The Downey California Option to Purchase Addendum is designed to grant renters the flexibility and convenience of transitioning from being tenants to becoming homeowners. This comprehensive document outlines the terms and conditions of the lease agreement, as well as the specific terms and provisions related to the option to purchase. This addendum offers various types of options to suit different circumstances and needs: 1. Fixed Purchase Price Option: This type of addendum sets a specific purchase price for the property when the tenant decides to exercise their option to buy. It provides clarity on the final purchase cost, eliminating any potential ambiguity. 2. Rent Credit Option: With this addendum, a portion of the rent paid by the tenant is credited toward the final purchase price of the property. This enables the tenant to accumulate equity while renting, making homeownership more accessible. 3. Lease Extension Option: Some Downey California Option to Purchase Addendums allow tenants to extend their lease period. This option is useful when tenants need more time to prepare for homeownership or want to continue renting until they are ready to exercise their purchase option. 4. Joint Ownership Option: This unique addendum permits tenants to enter into a joint ownership arrangement with the landlord during the lease period. This allows tenants to gradually accumulate ownership interest in the property and simplifies the process of acquiring full ownership in the future. 5. Assignment Option: This type of addendum allows tenants to assign their option to purchase to a third party. It offers flexibility for tenants who may change their plans or transfer their interest to someone else who wishes to buy the property. Regardless of the specific type chosen, a Downey California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own serves as a practical and legally binding agreement that protects both the tenant and the landlord's interests. It provides clarity on the terms and conditions, outlining the path from renting to potential homeownership. Tenants should carefully review and understand each provision before signing the addendum to ensure a smooth transition and avoid any potential misunderstandings in the future.The Downey California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with the opportunity to buy the property they are currently leasing. This option allows renters to enter into a lease agreement with the added benefit of having the future option to purchase the property at a predetermined price. The Downey California Option to Purchase Addendum is designed to grant renters the flexibility and convenience of transitioning from being tenants to becoming homeowners. This comprehensive document outlines the terms and conditions of the lease agreement, as well as the specific terms and provisions related to the option to purchase. This addendum offers various types of options to suit different circumstances and needs: 1. Fixed Purchase Price Option: This type of addendum sets a specific purchase price for the property when the tenant decides to exercise their option to buy. It provides clarity on the final purchase cost, eliminating any potential ambiguity. 2. Rent Credit Option: With this addendum, a portion of the rent paid by the tenant is credited toward the final purchase price of the property. This enables the tenant to accumulate equity while renting, making homeownership more accessible. 3. Lease Extension Option: Some Downey California Option to Purchase Addendums allow tenants to extend their lease period. This option is useful when tenants need more time to prepare for homeownership or want to continue renting until they are ready to exercise their purchase option. 4. Joint Ownership Option: This unique addendum permits tenants to enter into a joint ownership arrangement with the landlord during the lease period. This allows tenants to gradually accumulate ownership interest in the property and simplifies the process of acquiring full ownership in the future. 5. Assignment Option: This type of addendum allows tenants to assign their option to purchase to a third party. It offers flexibility for tenants who may change their plans or transfer their interest to someone else who wishes to buy the property. Regardless of the specific type chosen, a Downey California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own serves as a practical and legally binding agreement that protects both the tenant and the landlord's interests. It provides clarity on the terms and conditions, outlining the path from renting to potential homeownership. Tenants should carefully review and understand each provision before signing the addendum to ensure a smooth transition and avoid any potential misunderstandings in the future.
