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 Franklin Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal document designed to provide individuals with the opportunity to potentially acquire the property they are currently leasing. This addendum creates a contractual agreement between the landlord and tenant, granting the tenant an option to purchase the rental property within a specified period. The Franklin Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own encompasses various key terms and conditions that both parties must agree upon. These terms typically include the purchase price, the duration of the option period, and any additional costs or fees associated with the purchase. It is essential for tenants to carefully review and understand the provisions before entering into this agreement. There are different types of Franklin Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, depending on the specific circumstances and preferences of the parties involved. Some common variations include: 1. Fixed option price: This type of addendum establishes a predetermined purchase price for the property, ensuring that the tenant can exercise their option at a set price, regardless of any market fluctuations that may occur during the lease period. 2. Conditional option price: In this scenario, the purchase price is subject to certain conditions or formulas determined by an independent appraiser. This approach allows for adjustments to be made based on changes in market conditions, ensuring a fair market value at the time of exercise. 3. Rent credit: This type of addendum stipulates that a portion of the rent paid by the tenant will be credited towards the purchase price if they decide to exercise their option. This credit serves as an incentive for tenants to pursue ownership, as their rental payments contribute to the eventual purchase of the property. 4. Lease extension: In certain cases, the option addendum may include provisions for extending the lease term should the tenant choose not to exercise their option to purchase. This provision offers flexibility to both parties and allows for continued leasing if desired. The Franklin Ohio Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides a valuable opportunity for tenants to potentially become homeowners. With its various types and provisions, this addendum allows tenants to plan and explore the possibility of property ownership while maintaining the flexibility of a lease agreement.
