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 Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that offers potential renters the opportunity to buy the property they are leasing at a future date. This addendum provides specific terms and conditions for the tenant to exercise their option to purchase the property. It is important for both tenants and landlords to fully understand the contents of this addendum before entering into a lease agreement. The Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may have variations based on specific circumstances and parties involved. Here are some potential types: 1. Standard Option to Purchase Addendum: This addendum outlines the terms and conditions applicable to the lease agreement, with the option for the tenant to purchase the property at a later date. It will typically include details such as the purchase price, financing terms, and the deadline for exercising the option. 2. Lease-Purchase Option Addendum: This variation clarifies that a portion of the monthly rent paid by the tenant will be set aside as a credit toward the future purchase of the property. This addendum often includes information regarding how the credits will be calculated and applied towards the purchase price. 3. Lease-Option Addendum with Rent Credit: Similar to the lease-purchase option addendum, this type allows a portion of rent paid to be credited towards the future purchase of the property. However, this version may provide flexibility for the tenant, allowing them to choose whether to exercise the option to purchase. 4. Option Addendum with Adjustable Purchase Price: Some addendums may include provisions for an adjustable or negotiable purchase price. This allows the tenant and landlord to agree on terms that account for changes in property value over time or specific conditions that may affect the purchase price. Regardless of the specific type, the Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own serves as a fundamental agreement between the tenant and landlord. It is crucial for both parties to review and comprehend the terms and conditions outlined in this addendum to ensure a smooth leasing and potential home-buying process. Consulting with a legal professional is highly recommended ensuring compliance with local laws and regulations when using this addendum.The Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that offers potential renters the opportunity to buy the property they are leasing at a future date. This addendum provides specific terms and conditions for the tenant to exercise their option to purchase the property. It is important for both tenants and landlords to fully understand the contents of this addendum before entering into a lease agreement. The Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may have variations based on specific circumstances and parties involved. Here are some potential types: 1. Standard Option to Purchase Addendum: This addendum outlines the terms and conditions applicable to the lease agreement, with the option for the tenant to purchase the property at a later date. It will typically include details such as the purchase price, financing terms, and the deadline for exercising the option. 2. Lease-Purchase Option Addendum: This variation clarifies that a portion of the monthly rent paid by the tenant will be set aside as a credit toward the future purchase of the property. This addendum often includes information regarding how the credits will be calculated and applied towards the purchase price. 3. Lease-Option Addendum with Rent Credit: Similar to the lease-purchase option addendum, this type allows a portion of rent paid to be credited towards the future purchase of the property. However, this version may provide flexibility for the tenant, allowing them to choose whether to exercise the option to purchase. 4. Option Addendum with Adjustable Purchase Price: Some addendums may include provisions for an adjustable or negotiable purchase price. This allows the tenant and landlord to agree on terms that account for changes in property value over time or specific conditions that may affect the purchase price. Regardless of the specific type, the Hennepin Minnesota Option to Purchase Addendum to Residential Lease — Lease or Rent to Own serves as a fundamental agreement between the tenant and landlord. It is crucial for both parties to review and comprehend the terms and conditions outlined in this addendum to ensure a smooth leasing and potential home-buying process. Consulting with a legal professional is highly recommended ensuring compliance with local laws and regulations when using this addendum.
