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 Kansas City, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to provide an alternative pathway for individuals seeking homeownership. This addendum is typically used in residential lease agreements in the Kansas City area, offering tenants the opportunity to lease a property with an option to buy it in the future. The purpose of the Kansas City Missouri Option to Purchase Addendum to Residential Lease is to outline the terms and conditions of the lease agreement while incorporating an option for the tenant to purchase the property at a predetermined price within a specific timeframe. This addendum allows tenants to rent a property initially and then transition into becoming homeowners if they so choose. Keywords: Kansas City, Missouri, Option to Purchase Addendum, Residential Lease, Lease, Rent to Own, homeownership, lease agreement, tenants, purchase, predetermined price, specific timeframe, property, rent, addendum. There are various types of Kansas City Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, tailored to meet different circumstances and preferences. Some common variations include: 1. Standard Option to Purchase Addendum: This is the most basic version of the addendum, outlining the terms and conditions of the lease and purchase option. 2. Flexible Purchase Terms Addendum: This type of addendum offers tenants more flexibility in terms of the purchase price, down payment, or length of the option period. 3. Lease-Purchase Agreement Addendum: In this variation, the addendum functions as a hybrid agreement between a lease and a purchase contract. It includes provisions that outline both the rental and purchase terms. 4. Rent Credit Option Addendum: This addendum incorporates a rent credit provision, where a portion of the rent paid by the tenant is credited towards the future purchase price. 5. Inspection Contingency Addendum: This type of addendum allows tenants to include an inspection contingency that provides them an opportunity to perform an inspection of the property before finalizing the purchase. Overall, the Kansas City Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers a flexible and accessible pathway for individuals who want to enjoy the benefits of renting a property while having the potential to become homeowners in the future. It provides a clear framework for both landlords and tenants, ensuring a smooth transition from lease to ownership.The Kansas City, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to provide an alternative pathway for individuals seeking homeownership. This addendum is typically used in residential lease agreements in the Kansas City area, offering tenants the opportunity to lease a property with an option to buy it in the future. The purpose of the Kansas City Missouri Option to Purchase Addendum to Residential Lease is to outline the terms and conditions of the lease agreement while incorporating an option for the tenant to purchase the property at a predetermined price within a specific timeframe. This addendum allows tenants to rent a property initially and then transition into becoming homeowners if they so choose. Keywords: Kansas City, Missouri, Option to Purchase Addendum, Residential Lease, Lease, Rent to Own, homeownership, lease agreement, tenants, purchase, predetermined price, specific timeframe, property, rent, addendum. There are various types of Kansas City Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, tailored to meet different circumstances and preferences. Some common variations include: 1. Standard Option to Purchase Addendum: This is the most basic version of the addendum, outlining the terms and conditions of the lease and purchase option. 2. Flexible Purchase Terms Addendum: This type of addendum offers tenants more flexibility in terms of the purchase price, down payment, or length of the option period. 3. Lease-Purchase Agreement Addendum: In this variation, the addendum functions as a hybrid agreement between a lease and a purchase contract. It includes provisions that outline both the rental and purchase terms. 4. Rent Credit Option Addendum: This addendum incorporates a rent credit provision, where a portion of the rent paid by the tenant is credited towards the future purchase price. 5. Inspection Contingency Addendum: This type of addendum allows tenants to include an inspection contingency that provides them an opportunity to perform an inspection of the property before finalizing the purchase. Overall, the Kansas City Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers a flexible and accessible pathway for individuals who want to enjoy the benefits of renting a property while having the potential to become homeowners in the future. It provides a clear framework for both landlords and tenants, ensuring a smooth transition from lease to ownership.
