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
Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants the opportunity to potentially purchase the property they are currently leasing. This addendum serves as a legal document that outlines the terms and conditions for the rent-to-own agreement. It offers tenants the flexibility and potential pathway to homeownership while residing in the property. The Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides various options and terms that can be tailored to the specific needs and preferences of both the tenants and the landlords. There are different types or variations of this addendum that landlords and tenants can consider, depending on their unique circumstances: 1. Traditional Rent-to-Own Agreement: This type of addendum outlines the duration of the lease term, the rental price, and the purchase price of the property. It also specifies the duration of the option period, which typically ranges from one to three years, during which the tenant has the exclusive right to purchase the property. The addendum may include details on how a portion of the monthly rent payment can be credited toward the future purchase price. 2. Lease-Purchase Agreement: This variant of the addendum combines elements of both a lease agreement and a purchase agreement. It typically sets a fixed purchase price at the beginning of the lease term, which remains constant throughout the agreement. The tenant agrees to purchase the property at the end of the lease term, or if they choose not to, forfeits the option to buy. 3. Lease-Option Agreement: Similar to the previous type, a lease-option agreement allows tenants to lease the property with the option to buy at a future date. However, in this variation, the purchase price may not be fixed upfront, and the tenant typically pays a non-refundable option fee to secure the right to purchase the property within a specific timeframe. 4. Lease Agreement with Right of First Refusal: This addendum grants the tenant the right of first refusal, meaning they have the first opportunity to purchase the property if the landlord decides to sell during the tenancy. This option does not require the tenant to be under a lease-to-own agreement but still provides them with the advantage of being able to buy before others. Regardless of the specific type chosen, the Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own should include essential provisions such as the lease term, monthly rental amount, purchase price, option period duration, and outline the responsibilities of both the tenant and landlord during the lease-to-own period. It is crucial for both parties to carefully review and understand the addendum before signing, as it will govern their rights and obligations throughout the lease-to-own arrangement. Seeking legal advice or consulting a real estate professional familiar with Springfield, Missouri laws and regulations can help ensure a smooth and successful rent-to-own experience.Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own allows tenants the opportunity to potentially purchase the property they are currently leasing. This addendum serves as a legal document that outlines the terms and conditions for the rent-to-own agreement. It offers tenants the flexibility and potential pathway to homeownership while residing in the property. The Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides various options and terms that can be tailored to the specific needs and preferences of both the tenants and the landlords. There are different types or variations of this addendum that landlords and tenants can consider, depending on their unique circumstances: 1. Traditional Rent-to-Own Agreement: This type of addendum outlines the duration of the lease term, the rental price, and the purchase price of the property. It also specifies the duration of the option period, which typically ranges from one to three years, during which the tenant has the exclusive right to purchase the property. The addendum may include details on how a portion of the monthly rent payment can be credited toward the future purchase price. 2. Lease-Purchase Agreement: This variant of the addendum combines elements of both a lease agreement and a purchase agreement. It typically sets a fixed purchase price at the beginning of the lease term, which remains constant throughout the agreement. The tenant agrees to purchase the property at the end of the lease term, or if they choose not to, forfeits the option to buy. 3. Lease-Option Agreement: Similar to the previous type, a lease-option agreement allows tenants to lease the property with the option to buy at a future date. However, in this variation, the purchase price may not be fixed upfront, and the tenant typically pays a non-refundable option fee to secure the right to purchase the property within a specific timeframe. 4. Lease Agreement with Right of First Refusal: This addendum grants the tenant the right of first refusal, meaning they have the first opportunity to purchase the property if the landlord decides to sell during the tenancy. This option does not require the tenant to be under a lease-to-own agreement but still provides them with the advantage of being able to buy before others. Regardless of the specific type chosen, the Springfield, Missouri Option to Purchase Addendum to Residential Lease — Lease or Rent to Own should include essential provisions such as the lease term, monthly rental amount, purchase price, option period duration, and outline the responsibilities of both the tenant and landlord during the lease-to-own period. It is crucial for both parties to carefully review and understand the addendum before signing, as it will govern their rights and obligations throughout the lease-to-own arrangement. Seeking legal advice or consulting a real estate professional familiar with Springfield, Missouri laws and regulations can help ensure a smooth and successful rent-to-own experience.
