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 San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions of an agreement between a landlord (lessor) and a tenant (lessee) for the potential purchase of a residential property. This addendum is specific to properties located in San Jose, California, and it allows the tenant the option to buy the property they are currently renting during or at the end of the lease term. The purpose of this addendum is to provide a structured approach for the tenant to enter into a rent-to-own agreement with the landlord. Rent-to-own, also known as lease-to-own, is a housing arrangement where a tenant signs a lease agreement with the option to purchase the property at a predetermined price and within a specified period. The San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically includes the following key components: 1. Parties involved: This section identifies the landlord and tenant by their legal names and establishes their roles in the agreement. 2. Property details: This section describes the property being leased, including the address, unit number (if applicable), and any other necessary identifiers. 3. Lease term and rent payments: The addendum specifies the duration and commencement date of the lease term, along with the rent amount, frequency, and method of payment. It also outlines the consequences of late rent payment or default. 4. Option to purchase: The addendum sets forth the details of the tenant's option to purchase the property, such as the exercise period (the timeframe the tenant has to exercise the option) and the purchase price. It may also include terms regarding the payment of an option fee (non-refundable fee for securing the option) and how it will be credited towards the purchase price upon exercising the option. 5. Maintenance and repairs: This section outlines the responsibilities of both parties concerning property maintenance and repairs during the lease term. 6. Inspections: The addendum may include provisions for inspections and the conditions that must be met by the tenant for the option to remain valid. For example, maintaining the property in good condition, complying with lease obligations, or allowing inspections for the purpose of determining the property's value. 7. Default and remedies: This section covers the actions to be taken in the event of default by either party and the remedies available. It may include termination of the lease, forfeiture of the option fee, or specific options for resolving disputes. It's important to note that there may be different variations or versions of the San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, with slight variations in language or specific clauses. However, the core purpose and key elements remain consistent. It is advisable to consult with a legal professional or real estate attorney to understand the specific details and legal implications of any addendum or agreement related to renting to own a property, as these agreements can have significant financial and legal consequences for both parties involved.The San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that outlines the terms and conditions of an agreement between a landlord (lessor) and a tenant (lessee) for the potential purchase of a residential property. This addendum is specific to properties located in San Jose, California, and it allows the tenant the option to buy the property they are currently renting during or at the end of the lease term. The purpose of this addendum is to provide a structured approach for the tenant to enter into a rent-to-own agreement with the landlord. Rent-to-own, also known as lease-to-own, is a housing arrangement where a tenant signs a lease agreement with the option to purchase the property at a predetermined price and within a specified period. The San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically includes the following key components: 1. Parties involved: This section identifies the landlord and tenant by their legal names and establishes their roles in the agreement. 2. Property details: This section describes the property being leased, including the address, unit number (if applicable), and any other necessary identifiers. 3. Lease term and rent payments: The addendum specifies the duration and commencement date of the lease term, along with the rent amount, frequency, and method of payment. It also outlines the consequences of late rent payment or default. 4. Option to purchase: The addendum sets forth the details of the tenant's option to purchase the property, such as the exercise period (the timeframe the tenant has to exercise the option) and the purchase price. It may also include terms regarding the payment of an option fee (non-refundable fee for securing the option) and how it will be credited towards the purchase price upon exercising the option. 5. Maintenance and repairs: This section outlines the responsibilities of both parties concerning property maintenance and repairs during the lease term. 6. Inspections: The addendum may include provisions for inspections and the conditions that must be met by the tenant for the option to remain valid. For example, maintaining the property in good condition, complying with lease obligations, or allowing inspections for the purpose of determining the property's value. 7. Default and remedies: This section covers the actions to be taken in the event of default by either party and the remedies available. It may include termination of the lease, forfeiture of the option fee, or specific options for resolving disputes. It's important to note that there may be different variations or versions of the San Jose California Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, with slight variations in language or specific clauses. However, the core purpose and key elements remain consistent. It is advisable to consult with a legal professional or real estate attorney to understand the specific details and legal implications of any addendum or agreement related to renting to own a property, as these agreements can have significant financial and legal consequences for both parties involved.
