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Boston Massachusetts Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Massachusetts
City:
Boston
Control #:
MA-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 Massachusetts Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

Are there lease renewal provisions in Massachusetts? Before the lease ends, the landlord can decide whether he or she wants to offer a lease renewal.

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.

During this 90-day period, the landlord cannot offer to sell the unit to anyone else. If you do not want to buy the unit or cannot afford to buy it, the landlord can sell the unit on the open market after the 90-day period has passed. Any person or entity buying your unit will then become your new landlord.

Renters rights indicate that the property owner has to give your deposits to the new owner. If they do not, the tenant can sue for up to three times the deposits amount. Furthermore, the new property owner is still responsible for the tenant's deposit even if they didn't get it from the previous owner.

You had a contract for the term of the lease and there's no obligation to continue past the stated date. There's also no obligation for you to stay if you want to move at the end of the lease. But if your landlord doesn't renew, you'll have to move. If you're a reliable renter, most landlords want to renew the lease.

If a new owner purchases the property after foreclosure, the new owner cannot force you out, lock you out, or shut off your utilities. The new owner can ask the court for an eviction order, but that takes time. You will have a chance to tell the judge why you should not be evicted.

A lease addendum is a legally binding document that both landlords and tenants agree to and sign (i.e., you can't add it to the lease without the tenant's knowledge!). Addendums modify the original lease agreement and/or provide additional information related to specific rental policies.

As soon as you receive notice that the property has been sold, you need to look at your lease to see when your term ends. Typically lease terms are 12-months or month-to-month. If you signed a 12-month lease, that contract extends to the date you agreed to regardless of who owns the property.

PUBLISHED: June 26, 2020 at p.m. UPDATED: June 26, 2020 at p.m. A: No, your landlord must honor the terms of the lease. A lease is a type of contract between a property owner and a tenant. Unless they conflict with state and local laws, the terms of the lease must be followed by both parties.

Although business tenants generally have the right to renew the tenancy of their premises when it comes to an end, landlords can refuse to grant a new tenancy in some cases.

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