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
Manchester, New Hampshire Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that provides tenants with an opportunity to purchase the property they are currently leasing. This addendum outlines the terms and conditions under which the tenant can exercise the option to buy the property during or at the end of the lease term. A Manchester New Hampshire Option to Purchase Addendum to Residential Lease — Lease or Rent to Own comes in various forms and can be customized to fit different scenarios. Here are some common types: 1. Standard Option to Purchase Addendum: This type of addendum specifies the purchase price, option fee, and deadline for exercising the option. It outlines the rights and obligations of both the tenant/buyer and the landlord/seller. It also includes provisions for property inspections, financing contingencies, and any applicable penalties or fees. 2. Lease-Option Addendum: A lease-option addendum allows tenants to lease a property with an option to purchase it at the end of the lease term. This addendum typically sets the purchase price, the length of the lease term, and any rent credits that may be applied towards the purchase price. 3. Lease-Purchase Addendum: A lease-purchase addendum combines elements of a lease and a purchase agreement. This addendum outlines the terms of the lease, including monthly rent and the option for the tenant to buy the property before the lease term ends. It may also include details on how the rent payments will be applied towards the purchase price. 4. Rent-to-Own Addendum: This type of addendum allows tenants to rent a property with the intention of buying it in the future. The rent-to-own addendum outlines the purchase price, the length of the rental period, and specifies a portion of the monthly rent that will be credited towards the purchase price. 5. Manchester New Hampshire Option to Purchase Addendum with Home Inspection Contingency: This addendum includes a contingency that allows the tenant/buyer to conduct a home inspection before making the final decision to purchase the property. It specifies the timeline for completing the inspection and any repairs or negotiations that may result from the inspection findings. 6. Manchester New Hampshire Option to Purchase Addendum with Seller Financing: In some cases, the landlord/seller may offer financing options to the tenant/buyer. This addendum outlines the terms of the financing agreement, including interest rates, down payments, and repayment schedules. It is important for renters and landlords in Manchester, New Hampshire to consult with a qualified real estate attorney or legal professional to ensure that the Manchester New Hampshire Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is drafted accurately and complies with all applicable laws and regulations.
