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Manchester New Hampshire Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
New Hampshire
City:
Manchester
Control #:
NH-00547
Format:
Word; 
Rich Text
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Description

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


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FAQ

The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.

In a lease-option agreement, the renter has the choice to buy the property after a certain point. With a lease-purchase agreement, they are obligated.

optiontobuy arrangement can be a solution for some potential homebuyers, but it's not right for everyone. If you're not certain that you're going to be able to purchase the rental home at the end of the lease period, you might be better served with a standard rental agreement.

An Addendum is a legal document which sets out an additional legal agreement between a landlord and tenant to be read in conjuction with the main Tenancy Agreement.

A New Hampshire rent-to-own lease agreement is a document that includes a standard lease with an option for the tenant to buy the property. The terms of the sale should be included in the lease, so when the tenant decides to buy, the pre-negotiated terms can be converted to a purchase agreement.

So, a 5 year lease with a 5 year renewal option is a 10 year commitment by the landlord. This limits the value of the property to a market cap rate applied to existing rental income, which is often less than the value of a vacant building sold to an owner/user buyer.

The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.

A major disadvantage of renting to own is that renters lose their down payment and other non-refundable charges if they decide not to purchase the home. Some sellers may even take advantage of renters by making it difficult or unappealing to purchase the home ? with the goal of keeping the down payment.

Unlike a sale agreement with seller financing, a lease-option allows the owner to continue to receive tax deductions as the owner. Interest, taxes, maintenance and depreciation may still be deducted against the rent received.

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