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Santa Clarita California Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
California
City:
Santa Clarita
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

An addendum to renew an agreement is a document that extends the duration of a lease while maintaining the existing terms. This addendum ensures both parties agree to the renewal, preventing any misunderstandings. If you are considering a lease option in Santa Clarita, having a well-drafted renewal addendum can help create a seamless transition.

Renting-to-own means you rent a property and make progress toward eventually owning it, should you decide to buy the home when the lease is up. Every month, a portion of the rent you pay to the homeowner goes toward a down payment on the home.

So, a 5 year lease with a 5 year renewal option is a 10 year commitment by the landlord. This limits the value of the property to a market cap rate applied to existing rental income, which is often less than the value of a vacant building sold to an owner/user buyer.

Article summary. Rent-to-buy is a leasing arrangement that provides for the rental of a property for an agreed period, at the end of which, the renter has the option to buy.

A lease option agreement is a property contract that allows you to take control and profit from a property. With the option to purchase that home for a predetermined price in the future. To enter into this type of contract, you'll agree to pay a monthly lease to the owner. As well as an upfront fee for the contract.

Good Cash Flow. Lease options tend to produce good cash flow if you do your due diligence and get the right properties. The option fee plus your monthly rent (less paying the seller's mortgage) can be substantial over a year or more.

To make money with a lease option the investor must find a renter to pay more than the amount the investor agreed to with the property owner. For example, if the investor agreed to pay $1500 each month but finds a tenant to pay $1800 each month, the investor makes a monthly income of $300 for the property.

The primary appeal of rent-to-own is that it provides immediate access to household goods without having to save or make a long-term commitment ? two things that are especially difficult for low-earning families who are less likely to have predictable incomes than wealthier families.

Here are the downsides to a rent-to-own contract: You might lose money. Due to fees and rent credits, you might end up losing money in the deal if you don't purchase the house in the end.You might have to pay more fees.You might have to purchase the house.You aren't guaranteed financing.

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.

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