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 Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that offers tenants the opportunity to eventually buy the property they are leasing. This addendum provides specific terms and conditions regarding the lease-to-own arrangement and allows tenants to accumulate credit towards the purchase of the property. There are various types of Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Standard Broward Florida Option to Purchase Addendum: This is the most common type of addendum used in Broward County, Florida. It outlines the basic terms and conditions of the lease-to-own agreement, such as the option fee, purchase price, specified lease term, and other important provisions. 2. Broward Florida Option to Purchase Addendum with Rent Credit: This type of addendum allows tenants to accumulate a portion of their monthly rent towards the future purchase of the property. Rent credits are typically applied as a discount from the agreed-upon purchase price. 3. Broward Florida Option to Purchase Addendum with Lease Extension Option: In some cases, tenants may require additional time to secure financing or to meet other conditions before exercising their option to purchase. This addendum includes a lease extension option, allowing tenants to extend the lease term for a specified period upon payment of an additional fee. 4. Broward Florida Option to Purchase Addendum with Maintenance Responsibilities: This type of addendum outlines the responsibilities of both the landlord and the tenant regarding property maintenance and repairs during the lease period. It ensures that the property remains in good condition before the eventual purchase. 5. Broward Florida Option to Purchase Addendum with Exit Clause: This addendum includes an exit clause, allowing tenants to terminate the lease-to-own agreement under certain circumstances, such as financial hardship or unforeseen life events. The terms and conditions for exercising the exit clause should be clearly outlined in this addendum. The Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with the flexibility to rent a property with the possibility of becoming homeowners in the future. It safeguards the rights and obligations of both parties involved and sets the groundwork for a successful lease-to-own arrangement.The Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that offers tenants the opportunity to eventually buy the property they are leasing. This addendum provides specific terms and conditions regarding the lease-to-own arrangement and allows tenants to accumulate credit towards the purchase of the property. There are various types of Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, including: 1. Standard Broward Florida Option to Purchase Addendum: This is the most common type of addendum used in Broward County, Florida. It outlines the basic terms and conditions of the lease-to-own agreement, such as the option fee, purchase price, specified lease term, and other important provisions. 2. Broward Florida Option to Purchase Addendum with Rent Credit: This type of addendum allows tenants to accumulate a portion of their monthly rent towards the future purchase of the property. Rent credits are typically applied as a discount from the agreed-upon purchase price. 3. Broward Florida Option to Purchase Addendum with Lease Extension Option: In some cases, tenants may require additional time to secure financing or to meet other conditions before exercising their option to purchase. This addendum includes a lease extension option, allowing tenants to extend the lease term for a specified period upon payment of an additional fee. 4. Broward Florida Option to Purchase Addendum with Maintenance Responsibilities: This type of addendum outlines the responsibilities of both the landlord and the tenant regarding property maintenance and repairs during the lease period. It ensures that the property remains in good condition before the eventual purchase. 5. Broward Florida Option to Purchase Addendum with Exit Clause: This addendum includes an exit clause, allowing tenants to terminate the lease-to-own agreement under certain circumstances, such as financial hardship or unforeseen life events. The terms and conditions for exercising the exit clause should be clearly outlined in this addendum. The Broward Florida Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with the flexibility to rent a property with the possibility of becoming homeowners in the future. It safeguards the rights and obligations of both parties involved and sets the groundwork for a successful lease-to-own arrangement.
