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
In Broken Arrow, Oklahoma, options to purchase addendum to residential lease agreements provide an alternative pathway for tenants to eventually become homeowners. This unique arrangement allows tenants to lease a property with the potential of purchasing it in the future. The addendum serves as a supplementary agreement to the standard residential lease, outlining the specific terms and conditions of the lease-to-own arrangement. Keyword variations: Broken Arrow Oklahoma lease or rent to own, lease with option to purchase addendum, residential lease with purchase option, Broken Arrow rent to own agreement, Broken Arrow lease-to-own contract, rent to own homes in Broken Arrow, lease with option to buy in Broken Arrow. There are several types of option to purchase addendums in Broken Arrow, Oklahoma, tailored to meet the needs and preferences of both landlords and tenants. These include: 1. Lease with Option to Purchase Addendum: This type of addendum allows tenants to exercise their option to buy the property at a predetermined price and date. It specifies the terms of the purchase, such as the purchase price, down payment amount, and any rent credits applied towards the purchase. 2. Lease Purchase Addendum: Similar to the lease with option to purchase addendum, this agreement binds the tenant to purchase the property at the end of the lease term. However, unlike the lease with option, the tenant is obligated to buy the property, removing the option aspect. 3. Lease Option Addendum: This addendum grants tenants the right but not the obligation to buy the property at a later date. It offers more flexibility as tenants can choose not to exercise the option to purchase if they change their mind. 4. Rent-to-Own Addendum: This addendum combines the elements of a rental agreement and a purchase agreement. It outlines the terms of the rental period and the purchase option, specifying the rental payments, option fee, and purchase price. Regardless of the specific type of addendum used, it is crucial to include key details such as the duration of the lease, the purchase price or formula to determine it, the date by which the option must be exercised, any rent credits applied towards the purchase, and the consequences of not exercising the option. When considering a Broken Arrow, Oklahoma option to purchase addendum to a residential lease, it is essential for both landlords and tenants to seek legal advice to ensure the agreement complies with state laws and protects their respective interests.
