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
Las Cruces, New Mexico Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that enables tenants to lease a property with the option to buy it in the future. This addendum provides a detailed outline of the terms and conditions for entering into a lease purchase agreement in Las Cruces, New Mexico. The Las Cruces Option to Purchase Addendum contains several key elements, including: 1. Property Description: The addendum starts by providing a comprehensive description of the property being leased, including its address, size, and any additional features or amenities. 2. Lease Terms: The document outlines the lease duration, monthly rental amount, security deposit, and any specific lease provisions such as pet policies or maintenance responsibilities. These terms remain valid until the purchase option is exercised or the lease agreement is terminated. 3. Purchase Option Price: The addendum specifies the price at which the tenant can purchase the property in the future. This predetermined amount is typically agreed upon during the signing of the lease agreement and remains fixed during the lease term, protecting the tenant from potential price increases. 4. Option Fee: This addendum may include an option fee, which is a non-refundable upfront payment made by the tenant to secure the right to purchase the property. This fee is often credited towards the purchase price if the tenant exercises the option. 5. Option Period: The addendum outlines a specific timeframe during which the tenant can exercise the purchase option. This period allows the tenant to evaluate the property and decide if they want to proceed with the purchase. 6. Maintenance and Repairs: The responsibilities for property maintenance and repairs during the lease term are typically outlined in this addendum. It clarifies who is responsible for which expenses, ensuring both parties are aware of their obligations. 7. Financing and Closing: If the tenant chooses to exercise the purchase option, the addendum may provide details on financing options, required down payments, and the closing process. This includes information on inspections, title searches, and any applicable fees. Different types of Las Cruces New Mexico Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can vary based on specific terms and conditions drafted by landlords or property owners. They may include additional provisions covering matters such as property improvements, property tax obligations, default consequences, or the right to extend the lease period. To ensure a comprehensive and tailored Las Cruces Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is advisable to consult with a qualified attorney or real estate professional familiar with the local laws and regulations.Las Cruces, New Mexico Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document that enables tenants to lease a property with the option to buy it in the future. This addendum provides a detailed outline of the terms and conditions for entering into a lease purchase agreement in Las Cruces, New Mexico. The Las Cruces Option to Purchase Addendum contains several key elements, including: 1. Property Description: The addendum starts by providing a comprehensive description of the property being leased, including its address, size, and any additional features or amenities. 2. Lease Terms: The document outlines the lease duration, monthly rental amount, security deposit, and any specific lease provisions such as pet policies or maintenance responsibilities. These terms remain valid until the purchase option is exercised or the lease agreement is terminated. 3. Purchase Option Price: The addendum specifies the price at which the tenant can purchase the property in the future. This predetermined amount is typically agreed upon during the signing of the lease agreement and remains fixed during the lease term, protecting the tenant from potential price increases. 4. Option Fee: This addendum may include an option fee, which is a non-refundable upfront payment made by the tenant to secure the right to purchase the property. This fee is often credited towards the purchase price if the tenant exercises the option. 5. Option Period: The addendum outlines a specific timeframe during which the tenant can exercise the purchase option. This period allows the tenant to evaluate the property and decide if they want to proceed with the purchase. 6. Maintenance and Repairs: The responsibilities for property maintenance and repairs during the lease term are typically outlined in this addendum. It clarifies who is responsible for which expenses, ensuring both parties are aware of their obligations. 7. Financing and Closing: If the tenant chooses to exercise the purchase option, the addendum may provide details on financing options, required down payments, and the closing process. This includes information on inspections, title searches, and any applicable fees. Different types of Las Cruces New Mexico Option to Purchase Addendum to Residential Lease — Lease or Rent to Own can vary based on specific terms and conditions drafted by landlords or property owners. They may include additional provisions covering matters such as property improvements, property tax obligations, default consequences, or the right to extend the lease period. To ensure a comprehensive and tailored Las Cruces Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is advisable to consult with a qualified attorney or real estate professional familiar with the local laws and regulations.
