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Paterson New Jersey Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
New Jersey
City:
Paterson
Control #:
NJ-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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How to fill out New Jersey Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

Writing an addendum to a lease involves clarity and precision in outlining the additional terms. Begin by referencing the original lease and specifying the changes or additions you want to make, such as the conditions for a rent-to-own option. Be sure to include both parties' names, the date, and signatures to validate the agreement. To streamline the process, using templates from uslegalforms can save you time and ensure everything is legally sound.

Landlords may choose a rent-to-own arrangement for several reasons. Firstly, it can attract prospective buyers who may not qualify for traditional mortgages yet want to invest in the property. This approach provides landlords with reliable rental income while keeping the option to sell the property down the line. Additionally, it can reduce vacancy periods, making it a win-win for both parties.

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.

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.

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.

How to Write (1) Agreement Date. The date this agreement should be associated with in the future as an active document should be documented. (2) Seller/Landlord.(3) Buyer/Tenant.(4) Property Location.(5) Property Address.(6) Rent Amount.(7) Monthly Payment.(8) Monthly Due Date.

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.

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.

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.

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.

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