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
Cary, North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that grants tenants the opportunity to buy the property they are currently residing in during their lease term. This unique arrangement provides an alternative pathway for those who may not have the immediate means to purchase a home but wish to transition from renting to homeownership in Cary, North Carolina. With the Option to Purchase Addendum, tenants gain the right, but not the obligation, to buy the property at a predetermined price within a specified timeframe. This agreement offers benefits for both landlords and tenants, as it allows renters to potentially lock in a home's purchase price and build equity, while landlords benefit from longer-term lease commitments and the possibility of selling the property. There are several types of Cary, North Carolina Option to Purchase Addendum agreements that can be tailored to meet the specific needs and preferences of the parties involved: 1. Standard Option to Purchase Addendum: This is the most common type of addendum and outlines the terms and conditions related to the tenant's right to purchase the property. It typically includes details such as the purchase price, duration of the option period, and any applicable option fees. 2. Rent Credit Option to Purchase Addendum: In this variation, a portion of the monthly rent paid by the tenant is credited toward the eventual purchase of the property. This rent credit accumulates over the lease term and is applied as a down payment upon exercising the option to purchase. 3. Flexible Option Payment Addendum: This type of addendum allows tenants to pay an upfront option fee or deposit in exchange for the right to buy the property. Unlike the rent credit option, there is no portion of the monthly rent credited towards the purchase price. 4. Lease-Purchase Option Addendum: A lease-purchase arrangement combines the traditional lease agreement with a binding purchase contract. This option contains more stringent obligations, as tenants commit to buying the property at the end of the lease term. Whether tenants are seeking a Rent-to-Own or Lease-to-Own arrangement in Cary, North Carolina, the Option to Purchase Addendum serves as a versatile tool in bridging the gap between renting and homeownership. It provides a mutually beneficial solution for both landlords and tenants, allowing renters to potentially become homeowners while offering landlords additional security and potential sale opportunities.
