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 Charlotte North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that grants tenants the exclusive right to buy the leased property during their tenancy period. It is a valuable agreement for individuals who aspire to become homeowners but are not ready to commit to a traditional mortgage at the moment. This addendum serves as an extension to the residential lease agreement, offering tenants the opportunity to enter into a rent-to-own agreement. By signing this addendum, tenants and landlords acknowledge and agree that there may be a future purchase transaction. It outlines the terms and conditions of the rent-to-own arrangement, providing both parties with clarity and protection. The Charlotte North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own typically includes several essential details: 1. Property Information: This section specifies the complete address of the leased property, including its legal description. It ensures that all parties involved are aware of the property's exact location. 2. Parties Involved: The addendum clearly identifies the landlord and the tenant(s). Names, addresses, and contact information of all concerned parties are mentioned to ensure accurate communication. 3. Option Fee: The addendum establishes the amount of the option fee, which tenants pay to secure their exclusive right to purchase the property. This fee is typically non-refundable and acts as insurance for the landlord. 4. Purchase Price: This section states the predetermined purchase price for the property. It is important to clearly outline whether the purchase price is fixed or subject to negotiation. 5. Lease Term: The lease term specifies the duration of the lease agreement and the rent amount. The addendum may also indicate how the rental payments contribute towards the eventual purchase, such as through rent credits or accumulated savings. 6. Option Period: The addendum defines the length of the option period during which tenants have the right to exercise their option to purchase the property. This period is often negotiable and can vary from a few months to several years. 7. Maintenance Responsibilities: The addendum stipulates the responsibilities of both the landlord and the tenant regarding property maintenance and repairs. It clarifies who is responsible for specific expenses, ensuring transparency throughout the tenancy. 8. Right to Assign: This section addresses whether the tenant has the right to assign their option to purchase the property to another party. It outlines the conditions and permissions required for such an assignment. Different types or variations of Charlotte North Carolina Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may exist depending on the specific needs and circumstances of the parties involved. However, the key elements mentioned above will generally be included in any standard addendum.
