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 Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease is a legal document that establishes the terms and conditions of a lease agreement, with an option for the tenant to purchase the property at a later date. This addendum is designed to provide flexibility and convenience for individuals who are interested in lease-to-own or rent-to-own arrangements within the Murfreesboro, Tennessee area. 1. Residential Lease with Option to Purchase — This type of Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease allows the tenant to rent the property for a specified period while also securing the option to buy it within a pre-negotiated timeframe. This arrangement provides an opportunity for the tenant to evaluate the property, establish credit, or save for a down payment. 2. Lease-to-Own Agreement — Another type of Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease, this agreement functions similarly to the Residential Lease with Option to Purchase. However, the primary difference is that a portion of the tenant's monthly rental payment is credited towards the future purchase of the property, creating a means of building equity while renting. 3. Rent-to-Own Agreement — This variation of the Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease grants the tenant the right to purchase the property at a later date but does not provide any rental credits towards the future purchase. It offers an opportunity for individuals to secure a home in the Murfreesboro area, with a predetermined purchase price, while renting and potentially saving for a down payment. The Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a comprehensive legal document that covers various essential elements. Some keywords and phrases relevant to this addendum include: — Tenancy: outlines the terms and conditions of the lease agreement between the landlord and tenant. — Purchase Option: specifies the tenant's right to purchase the property within a specific timeframe. — Purchase Price: states the agreed-upon price at which the property can be bought in the future. — Option Fee: refers to a non-refundable payment made by the tenant to secure the option to purchase the property. — Rent Credits: if applicable, this term determines the portion of the monthly rent that will be credited towards the purchase price of the property. — Maintenance and Repairs: clarifies responsibilities for repairs and maintenance during the lease-to-own period. — Default and Termination: outlines the consequences and conditions under which the option to purchase may be forfeited or terminated. — Purchase Agreement: refers to the document that will be executed upon the tenant's exercise of the purchase option, detailing the final terms of the sale. In summary, the Murfreesboro Tennessee Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides opportunities for individuals to rent a property with the possibility of purchasing it in the future. Different variations of this addendum, such as the Residential Lease with Option to Purchase or Lease-to-Own Agreement, offer distinct benefits and arrangements for tenants exploring the lease-to-own or rent-to-own options in Murfreesboro, Tennessee.
