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
The Cincinnati Ohio Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own, provides a unique opportunity for tenants to potentially own the property they are currently leasing. This addendum enables renters to accumulate equity over a specified period while living in the property and gives them the first priority or right of refusal to purchase the property at a predetermined price. There are several types of Cincinnati Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each offering different terms and conditions: 1. Fixed Purchase Price Addendum: This type of addendum specifies a non-negotiable purchase price that will remain fixed throughout the lease agreement. It provides tenants with a clear understanding of the property's value and the cost to buy it at the end of the lease term. 2. Adjustable Purchase Price Addendum: Unlike the fixed purchase price addendum, this option allows for the purchase price to be adjusted based on market conditions or other factors agreed upon by both parties. This type provides flexibility in determining the final purchase price, which can be advantageous for tenants in a volatile real estate market. 3. Lease Renewal Addendum: With this addendum, tenants have the opportunity to extend their lease term beyond the initial agreement. This can be beneficial for those who require additional time to save for a down payment or ensure their financial stability before committing to a purchase. 4. Rent Credit Addendum: This addendum provides tenants with the opportunity to receive a portion of their monthly rent payments as a credit towards the down payment or purchase price of the property. This incentive encourages renters to make timely payments while building equity, making homeownership more attainable. 5. Lease Option Fee Addendum: Some lease agreements require tenants to pay an upfront, non-refundable fee known as a lease option fee. This fee ensures that the tenant has the exclusive right to purchase the property during the lease period. If the purchase does not materialize, the fee is typically retained by the landlord. 6. Home Maintenance Responsibilities Addendum: In certain rent-to-own agreements, tenants may have specific maintenance responsibilities outlined in the addendum. This can include regular property upkeep, minor repairs, or even major renovations in some cases. Clearly defining these responsibilities protects both tenants and landlords and ensures the property remains well-maintained during the lease period. It's important to consult with legal professionals and real estate agents experienced in rent-to-own agreements to fully understand the intricacies and implications of each type of Cincinnati Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. This will help tenants make informed decisions and landlords structure agreements that align with their needs and goals.
