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 Columbus Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to give tenants the opportunity to purchase the leased property in the future. This addendum serves as an add-on to a residential lease agreement, providing additional terms and conditions regarding the potential purchase option. The purpose of this addendum is to outline the terms and conditions of the lease or rent-to-own agreement, granting the tenant the right to buy the property at a later date. It is important to note that this addendum is specific to Columbus, Ohio, as certain clauses may vary from state to state. The Columbus Ohio Option to Purchase Addendum to Residential Lease offers various options and terms, depending on the specific arrangement agreed upon by both the landlord and tenant. These options may include: 1. Purchase Price: This section defines the agreed-upon purchase price of the property at the end of the lease term. It outlines whether the purchase price will be determined by a fixed amount, a predetermined formula, or market value at the time of purchase. 2. Option Consideration: Renters are typically required to provide an upfront payment, known as the option consideration, which gives them the right to purchase the property. This section specifies the amount and terms of the option consideration, including whether it will be credited towards the purchase price. 3. Lease Term: The addendum will clearly indicate the length of the lease term, which is the period during which the tenant can exercise their option to purchase the property. 4. Rent Credits: In some cases, a portion of the monthly rent payments may be credited towards the purchase price. This section details whether rent credits will be offered, the amount of rent credited, and any conditions associated with the credits. 5. Maintenance and Repairs: The addendum will outline the responsibilities of both the tenant and landlord regarding maintenance and repairs during the lease term. It is important to clearly define who is responsible for repairs, upkeep, and common areas. 6. Default and Remedies: This section details the consequences in case of default by either party. It may include terms related to eviction, forfeiture of option consideration, or other penalties. It is crucial for both parties to thoroughly review and understand the terms and conditions of the Columbus Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own before signing. Furthermore, it is advisable to consult legal professionals experienced in real estate law to ensure compliance with relevant state laws and to protect the rights and interests of both parties involved in the agreement.The Columbus Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to give tenants the opportunity to purchase the leased property in the future. This addendum serves as an add-on to a residential lease agreement, providing additional terms and conditions regarding the potential purchase option. The purpose of this addendum is to outline the terms and conditions of the lease or rent-to-own agreement, granting the tenant the right to buy the property at a later date. It is important to note that this addendum is specific to Columbus, Ohio, as certain clauses may vary from state to state. The Columbus Ohio Option to Purchase Addendum to Residential Lease offers various options and terms, depending on the specific arrangement agreed upon by both the landlord and tenant. These options may include: 1. Purchase Price: This section defines the agreed-upon purchase price of the property at the end of the lease term. It outlines whether the purchase price will be determined by a fixed amount, a predetermined formula, or market value at the time of purchase. 2. Option Consideration: Renters are typically required to provide an upfront payment, known as the option consideration, which gives them the right to purchase the property. This section specifies the amount and terms of the option consideration, including whether it will be credited towards the purchase price. 3. Lease Term: The addendum will clearly indicate the length of the lease term, which is the period during which the tenant can exercise their option to purchase the property. 4. Rent Credits: In some cases, a portion of the monthly rent payments may be credited towards the purchase price. This section details whether rent credits will be offered, the amount of rent credited, and any conditions associated with the credits. 5. Maintenance and Repairs: The addendum will outline the responsibilities of both the tenant and landlord regarding maintenance and repairs during the lease term. It is important to clearly define who is responsible for repairs, upkeep, and common areas. 6. Default and Remedies: This section details the consequences in case of default by either party. It may include terms related to eviction, forfeiture of option consideration, or other penalties. It is crucial for both parties to thoroughly review and understand the terms and conditions of the Columbus Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own before signing. Furthermore, it is advisable to consult legal professionals experienced in real estate law to ensure compliance with relevant state laws and to protect the rights and interests of both parties involved in the agreement.
