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 Allegheny Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is an important legal document that outlines an agreement between a landlord and tenant to provide the option to purchase the rental property in Allegheny, Pennsylvania. This addendum serves as an extension to the residential lease agreement, offering the tenant an opportunity to purchase the property at a specified future date. It is a beneficial agreement for both parties, as the tenant can potentially become a homeowner, while the landlord secures a potential buyer for the property. There are different types of Allegheny Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, categorized based on the specific terms and conditions outlined in the agreement. Some of these variants include: 1. Fixed Purchase Price Addendum: This addendum includes a predetermined purchase price for the property, which remains unchanged throughout the lease term. This provides the tenant with a guaranteed price, protecting them from potential market fluctuations. 2. Adjustable Purchase Price Addendum: Unlike the fixed purchase price addendum, this variant allows for adjustments to the purchase price based on the current market value of the property. These adjustments are typically outlined in the agreement, ensuring a fair deal for both parties. 3. Rent Credit Addendum: Under this addendum, a portion of the rent paid by the tenant is credited towards the eventual purchase of the property. These rent credits accumulate over the lease term, providing the tenant with a financial benefit when they exercise their option to purchase. 4. Option Fee Addendum: Some lease-to-own agreements may include an option fee, which is a non-refundable upfront payment made by the tenant. This fee grants the tenant the exclusive right to purchase the property within a specified timeframe. When utilizing the Allegheny Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is crucial to ensure that all terms and conditions are thoroughly reviewed and understood by both parties. Hiring a real estate attorney or seeking professional guidance is highly recommended ensuring a smooth and legally sound transaction. Overall, the Allegheny Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own offers an excellent opportunity for tenants in the area to transition into homeownership while providing landlords with potential buyers for their properties.
