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
Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions for a tenant to have the option to purchase the property they are currently leasing. This addendum is designed to provide both the tenant and the landlord with specific rights and obligations throughout the lease term. There are various types of Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Standard Option to Purchase Addendum: This type of addendum allows the tenant to exercise their option to purchase the property at a predetermined price within a specified timeframe. It typically includes provisions regarding the purchase price, earnest money deposit, financing arrangements, and any additional requirements or conditions. 2. Lease-Purchase Option Addendum: This addendum combines a lease agreement and a purchase agreement into one document. It provides the tenant with the option to buy the property at a specific price during or at the end of the lease term. It often includes details on how a portion of the monthly rent can be credited toward the purchase price. 3. Lease-Option Addendum: Similar to the lease-purchase option addendum, this type allows the tenant the option to purchase the property but without any obligation to do so. The tenant can choose to exercise the option or not at the end of the lease term. This addendum typically includes information on the option fee, purchase price, and any conditions that apply. 4. Rent-to-Own Addendum: A rent-to-own addendum allows the tenant to rent the property with the intention of eventually buying it. The addendum outlines the rental terms as well as the option for the tenant to purchase the property at an agreed-upon price within a specified timeframe. It may include provisions related to the payment of rent, lease duration, option fee, and purchase price. In the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, some key clauses may include the following: 1. Purchase Price and Terms: Specify the purchase price or the formula to determine it, the down payment amount, financing terms, and other relevant conditions. 2. Option Period: Define the duration in which the tenant can exercise the option to purchase, including the start and end dates. 3. Option Fee: Establish the fee required by the tenant to secure the option to purchase. 4. Maintenance and Repairs: Outline the responsibilities of both the tenant and the landlord in terms of property maintenance and repairs during the lease term. 5. Default and Remedies: State the consequences for defaulting on the terms of the addendum and any available remedies for both parties. 6. Applicable Law: Specify the jurisdiction and the laws that govern the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. In conclusion, the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that offers tenants the option to buy the property they are currently leasing. It is important for both landlords and tenants to thoroughly understand the terms and conditions outlined in the addendum to ensure a smooth lease-to-own transition.Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions for a tenant to have the option to purchase the property they are currently leasing. This addendum is designed to provide both the tenant and the landlord with specific rights and obligations throughout the lease term. There are various types of Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Standard Option to Purchase Addendum: This type of addendum allows the tenant to exercise their option to purchase the property at a predetermined price within a specified timeframe. It typically includes provisions regarding the purchase price, earnest money deposit, financing arrangements, and any additional requirements or conditions. 2. Lease-Purchase Option Addendum: This addendum combines a lease agreement and a purchase agreement into one document. It provides the tenant with the option to buy the property at a specific price during or at the end of the lease term. It often includes details on how a portion of the monthly rent can be credited toward the purchase price. 3. Lease-Option Addendum: Similar to the lease-purchase option addendum, this type allows the tenant the option to purchase the property but without any obligation to do so. The tenant can choose to exercise the option or not at the end of the lease term. This addendum typically includes information on the option fee, purchase price, and any conditions that apply. 4. Rent-to-Own Addendum: A rent-to-own addendum allows the tenant to rent the property with the intention of eventually buying it. The addendum outlines the rental terms as well as the option for the tenant to purchase the property at an agreed-upon price within a specified timeframe. It may include provisions related to the payment of rent, lease duration, option fee, and purchase price. In the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, some key clauses may include the following: 1. Purchase Price and Terms: Specify the purchase price or the formula to determine it, the down payment amount, financing terms, and other relevant conditions. 2. Option Period: Define the duration in which the tenant can exercise the option to purchase, including the start and end dates. 3. Option Fee: Establish the fee required by the tenant to secure the option to purchase. 4. Maintenance and Repairs: Outline the responsibilities of both the tenant and the landlord in terms of property maintenance and repairs during the lease term. 5. Default and Remedies: State the consequences for defaulting on the terms of the addendum and any available remedies for both parties. 6. Applicable Law: Specify the jurisdiction and the laws that govern the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. In conclusion, the Fontana, California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding agreement that offers tenants the option to buy the property they are currently leasing. It is important for both landlords and tenants to thoroughly understand the terms and conditions outlined in the addendum to ensure a smooth lease-to-own transition.
