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 Shreveport Louisiana Option to Purchase Addendum to Residential Lease provides tenants with the opportunity to lease a property with the option to eventually purchase it. This contract addendum grants tenants the right to buy the property at a predetermined price and within a certain timeframe. The Shreveport Louisiana Option to Purchase Addendum to Residential Lease — Lease or Rent to Own serves as a legal agreement between the landlord and tenant, detailing the terms and conditions of this unique lease agreement. This arrangement is particularly appealing to individuals who are not yet ready to commit to purchasing a home but wish to eventually own the property they are renting. There are a few different types of Shreveport Louisiana Option to Purchase Addendum to Residential Lease — Lease or Rent to Own that can be included in a rental agreement, varying based on specific details and preferences: 1. Fixed Purchase Price Addendum: This type of addendum specifies a set purchase price for the property, regardless of market fluctuations. It ensures that the tenant has a predictable price to work towards while considering homeownership. 2. Adjustable Purchase Price Addendum: In contrast to the fixed purchase price addendum, this type allows for adjustments in the purchase price based on market conditions. This provides flexibility and is suitable for tenants who anticipate potential changes in property value. 3. Rent Credit Addendum: This addendum outlines a portion of the monthly rent that will be credited towards the eventual purchase of the property. Each monthly payment builds equity, enabling tenants to accumulate funds towards their down payment. 4. Lease Term Addendum: This type of addendum outlines the duration of the lease agreement and sets a specific timeframe within which the tenant must exercise their option to purchase. It ensures clarity and prevents any misunderstandings regarding the purchase timeframe. 5. Maintenance and Repairs Addendum: This addendum clarifies the responsibility for maintenance and repairs during the lease period. It establishes the obligations of both the landlord and tenant to ensure the property is well-maintained and in suitable condition for purchase. The Shreveport Louisiana Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with a unique opportunity to transition from renting to homeownership. By outlining the terms and conditions of this arrangement, both landlords and tenants can enter into this agreement with confidence, knowing their rights and responsibilities.
