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 Pittsburgh Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legal agreement that provides tenants with an opportunity to potentially purchase the property they are currently leasing. This addendum is an excellent option for tenants who wish to eventually become homeowners and want to secure their desired property in Pittsburgh, Pennsylvania. There are different types of Pittsburgh Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each catering to specific circumstances and requirements: 1. Standard Option to Purchase Addendum: This is the most common type, wherein tenants and landlords agree on the future purchase price of the property. The addendum also specifies the duration of the lease term and the option period, during which tenants have the exclusive right to purchase the property. 2. Rent Credit Option to Purchase Addendum: This type of addendum incorporates a rent credit clause, wherein a portion of the tenant's monthly rent payments is applied as a credit towards the eventual purchase of the property. This allows tenants to accrue funds for a down payment while leasing the property. 3. Prenegotiated Purchase Price Addendum: In certain cases, landlords and tenants may agree on a predetermined purchase price for the property before signing the lease. This addendum clearly outlines the agreed-upon purchase price, which eliminates the need for price negotiations in the future. 4. Multiple Option Periods Addendum: For tenants who are uncertain about purchasing the property within a specific timeframe, this addendum provides multiple option periods. It allows tenants to extend the option to purchase for additional periods, offering flexibility while planning for homeownership. When drafting a Pittsburgh Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, there are several crucial points to include: — Clear identification of the property, including its address and legal description. — Tenant's right to purchase the property within the specified option period. — Terms of the purchase, such as the purchase price, down payment amount, and financing arrangements. — Any rent credit or premium paid by the tenant towards the purchase price. — Terms for property inspections and repairs before finalizing the purchase. — Procedures for the exercise of the option, including written notice requirements. — Responsibilities for maintenance, repairs, and property taxes during the lease term. — Any additional terms and conditions agreed upon by both parties, such as seller's warranties or tenant's rights of first refusal. It's crucial to consult with legal professionals experienced in real estate law while creating a Pittsburgh Pennsylvania Option to Purchase Addendum to Residential Lease — Lease or Rent to Own. This ensures that the agreement aligns with the specific requirements and regulations of Pennsylvania and protects the interests of both the tenant and the landlord.
