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Cook Illinois Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Illinois
County:
Cook
Control #:
IL-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 Illinois Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

A lease addendum is a separate legal document that allows a landlord to add additional information or make changes to a lease agreement. Instead of changing the actual lease agreement, an addendum is a document added that outlines its modifications.

Rent-to-own may be a good option for those with low credit scores, because it gives you time to work toward improving your score before you need to apply for a mortgage. If you don't qualify for a mortgage right now, you can use a rent-to-own agreement to start working on buying a house sooner rather than later.

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses, or changing existing clauses. An amendment allows the parties to change the terms without having to sign a new Lease Agreement.

Your proposal should detail the amount of the non-refundable option fee and rental credits, as well as the price you are offering for the home. Next, propose a new lease to cover the rental period, which is typically one to three years. It is at the end of the lease that you expect to be in a position to buy the house.

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

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.

How does renting-to-own work? The tenant pays rent as usual. But part of the amount is counted as credit that they can use to buy the house later. It is similar to leasing a car.

How does renting-to-own work? The tenant pays rent as usual. But part of the amount is counted as credit that they can use to buy the house later. It is similar to leasing a car.

The Illinois Installment Sales Contract Act (rent to own) specifically applies to sellers (with a legal or beneficial interest) who enter into an installment sales contract for residential real estate more than 3 times in a 12-month period (and the Act does not apply to agricultural property larger than four acres).

How to Write (1) Agreement Date. The date this agreement should be associated with in the future as an active document should be documented. (2) Seller/Landlord.(3) Buyer/Tenant.(4) Property Location.(5) Property Address.(6) Rent Amount.(7) Monthly Payment.(8) Monthly Due Date.

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