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 Eugene, Oregon Option to Purchase Addendum to Residential Lease, also known as Lease or Rent to Own, provides individuals with the opportunity to lease a property with the potential to purchase it in the future. This addendum serves as an agreement between the landlord (or property owner) and the tenant (or potential buyer), outlining the terms and conditions of the lease-to-own arrangement. The lease-to-own option is a popular choice for individuals who may not currently have the means to secure a mortgage but aspire to become homeowners in the future. This addendum allows tenants to rent a property for a specific period, typically ranging from one to three years, with the potential to exercise their option to purchase the property at an agreed-upon price before the lease term ends. There are different variations of the Eugene, Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. These may include: 1. Fixed Purchase Price Addendum: This addendum specifies a predetermined purchase price for the property that remains fixed throughout the lease duration. This provides tenants with clarity regarding the future purchase cost and protects them if the property's market value increases while they are still leasing. 2. Adjustable Purchase Price Addendum: In this type of addendum, the purchase price for the property is subject to change based on market conditions or other pre-determined factors. The price may be adjusted periodically throughout the lease term, ensuring that it reflects the current market value. Both parties agree upon the formula or methodology used to determine the adjusted price. 3. Rent Credit Addendum: Some lease-to-own agreements incorporate a rent credit, where a portion of the monthly rent payments are allocated towards the eventual purchase. Each payment made by the tenant accumulates as a credit that can be applied towards the purchase price when exercising the option to buy. This addendum outlines the terms and conditions for calculating and utilizing the rent credit. 4. Maintenance and Repairs Addendum: This addendum establishes the responsibilities of the landlord and tenant in regard to property maintenance and repairs during the lease-to-own period. It outlines whether the tenant is responsible for maintenance costs, repairs, or yard upkeep, or if it remains the landlord's responsibility until the purchase is finalized. When considering a Eugene, Oregon Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is essential for both the landlord and tenant to thoroughly review and understand the terms outlined in the agreement. Consulting with legal professionals specializing in real estate transactions is advisable to ensure a clear and mutually beneficial arrangement for all parties involved.
