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 Lee's Summit Missouri Option to Purchase Addendum to Residential Lease, also known as the Lease or Rent to Own, is a legal arrangement that offers tenants the opportunity to buy the property they are currently leasing. This addendum provides a framework for entering into a rent-to-own agreement, enabling tenants to become homeowners in the future. There are different types of Lee's Summit Missouri Option to Purchase Addendums available, depending on the specific terms agreed upon by the landlord and tenant. These variations may include: 1. Fixed Purchase Price Addendum: This type of addendum specifies a predetermined purchase price for the property, which remains unchanged throughout the lease period. These gives tenant a clear understanding of the amount they will need to buy the property when the lease expires. 2. Escalating Purchase Price Addendum: In this scenario, the purchase price of the property increases over time. This option is designed to account for inflation or appreciation in the real estate market. Tenants opting for this addendum may benefit from greater flexibility in their initial financial commitment while potentially paying a higher price later. 3. Rent Credit Addendum: This addendum includes a provision where a portion of the monthly rent payments is credited towards the eventual down payment or purchase price of the property. This option allows tenants to build equity in the property while leasing, potentially reducing their financial burden at the time of purchase. 4. Split Rent and Down Payment Addendum: With this addendum, a portion of the monthly rental payment goes towards the actual rent, while another portion is set aside as a down payment. This setup provides tenants the opportunity to accumulate their down payment over time while fulfilling their rental obligations. Lee's Summit Missouri's Option to Purchase Addendum to Residential Lease offers tenants the chance to transition from renting to owning a property within a specific timeframe. It allows them to familiarize themselves with the home, community, and make an informed decision about homeownership. This type of arrangement can be advantageous for tenants who are not yet financially or logistically ready to commit to a full home purchase but are interested in securing a future home. In conclusion, the Lee's Summit Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a versatile agreement that offers tenants the opportunity to become homeowners in the future. The variations mentioned above provide flexibility in terms of pricing, rental credits, and down payment accumulation. It is advisable for both tenants and landlords to consult with legal professionals to ensure that the addendum aligns with their individual needs and requirements.
