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
Yonkers New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a unique opportunity for tenants looking to eventually own the property they are currently leasing. This addendum allows individuals to enter into a lease agreement with the added option to buy the property at a future date. By choosing this option, renters can work towards homeownership while enjoying the benefits of living in a rented space. There are several types of Yonkers New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. These may include: 1. Standard Option to Purchase Addendum: This type of addendum outlines the terms and conditions for the tenant's option to purchase the property at a later date. It covers important aspects such as the purchase price, option fee, duration of the lease, and the rights and responsibilities of both parties during the lease term. 2. Lease-Purchase Agreement Addendum: Similar to the standard option to purchase addendum, this type of agreement establishes the tenant's intent to buy the property after the lease term ends. However, unlike the standard option, a portion of the monthly rent payments may accumulate as credit towards the eventual purchase. 3. Lease-Option Agreement Addendum: In this type, the tenant has the option to purchase the property, but is not obligated to do so. This allows for more flexibility, as the tenant can decide whether to proceed with the purchase at the end of the lease term. The terms and conditions for exercising the option are discussed and agreed upon by both parties. Regardless of the specific type, Yonkers New York Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with a pathway to homeownership while enjoying the benefits of renting. It is important for both tenants and landlords to carefully review and understand the terms and conditions laid out in the addendum before entering into such an agreement.
