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 Cook Illinois Option to Purchase Addendum to Residential Lease is a contract that offers an alternative approach for individuals interested in leasing a property with the possibility of owning it in the future. This addendum provides a detailed framework outlining the terms and conditions of the lease agreement, as well as the option to purchase the property at a later date. The Cook Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own comes in various types, depending on the specific needs and circumstances of the parties involved. Some different types of this addendum may include: 1. Cook Illinois Option to Purchase Addendum — Residential Lease: This type of addendum is commonly used when tenants wish to include an option to purchase the property they are leasing in the future. It clearly outlines the terms and conditions of the lease agreement while also including provisions related to the exercise of the purchase option. 2. Cook Illinois Option to Purchase Addendum — Lease with Option to Buy: This variant of the addendum caters to tenants who want the flexibility to decide on purchasing the property during or at the end of the lease term. It provides details on the rental terms as well as the specific conditions and deadlines for exercising the purchase option. 3. Cook Illinois Option to Purchase Addendum — Lease with Right of First Refusal: This specific type of addendum grants the tenant a right of first refusal, allowing them the opportunity to purchase the property before the landlord considers any other offers. It specifies the conditions under which the tenant can exercise this right and the timeframe within which they must decide. 4. Cook Illinois Option to Purchase Addendum — Rent to Own Agreement: This particular type of addendum combines both the lease and purchase aspects into one agreement. It outlines the rental terms, the portion of each rental payment that goes towards the eventual purchase, as well as the conditions for transferring ownership. Overall, the Cook Illinois Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a comprehensive and legally binding document that outlines the terms, conditions, and options available to tenants who wish to potentially own the property they are currently leasing. It offers a flexible and transparent pathway to homeownership, allowing tenants to build equity while enjoying the benefits of residing in a property before committing to its purchase.
