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
Bellevue, Washington Option to Purchase Addendum: A Detailed Description for Lease or Rent to Own Are you a potential homebuyer dreaming of living in the beautiful city of Bellevue, Washington? If so, then you'll be glad to know that there is an excellent option for you — the Bellevue Washington Option to Purchase Addendum to Residential Lease, also known as the "Lease or Rent to Own" agreement. This unique arrangement offers individuals the opportunity to lease a residential property with the option to purchase it later. Key Features of Bellevue Washington Option to Purchase Addendum: 1. Lease Agreement: The addendum is an attachment to a standard residential lease agreement. It provides the tenant with the right to purchase the leased property during or at the end of the lease term, based on agreed-upon terms and conditions. 2. Rent Credits: As part of the lease or rent-to-own agreement, a portion of the monthly rent paid by the tenant is typically applied as a rent credit towards the future purchase of the property. This allows tenants to build equity while they live in the home. 3. Purchase Price: The addendum outlines the purchase price of the property. It may be determined at the beginning of the lease term or based on a future appraisal when the tenant decides to exercise their option to purchase. 4. Option Period: A specific period is typically set within the lease agreement during which the tenant can exercise their right to purchase the property. This allows tenants to evaluate the property, secure financing, and decide if it's the right fit for their long-term homeownership goals. 5. Option Fee: In some cases, tenants may be required to pay an upfront option fee to secure the right to purchase the property. This fee is typically non-refundable and is separate from the rent paid. Types of Bellevue Washington Option to Purchase Addendum: 1. Fixed Purchase Price Addendum: In this type of option to purchase agreement, the purchase price of the property is predetermined at the beginning of the lease agreement. This provides clarity and stability regarding the property's future cost. 2. Appraisal-Based Addendum: With this type of agreement, the purchase price is determined at the time the tenant decides to exercise their option based on a professional appraisal of the property. This ensures that the purchase price reflects the current market value. 3. Flexible Terms Addendum: This type of agreement allows for negotiation of various terms, including the purchase price, rent credits, option period, and other conditions. It offers greater flexibility to both tenants and landlords to customize the arrangement based on their specific needs. Regardless of the type of Bellevue Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, this unique opportunity provides a pathway to homeownership for individuals who may not be ready to commit to an immediate purchase. With the added advantage of living in the vibrant city of Bellevue, tenants can enjoy the amenities and community while working towards their ultimate goal of owning their dream home.Bellevue, Washington Option to Purchase Addendum: A Detailed Description for Lease or Rent to Own Are you a potential homebuyer dreaming of living in the beautiful city of Bellevue, Washington? If so, then you'll be glad to know that there is an excellent option for you — the Bellevue Washington Option to Purchase Addendum to Residential Lease, also known as the "Lease or Rent to Own" agreement. This unique arrangement offers individuals the opportunity to lease a residential property with the option to purchase it later. Key Features of Bellevue Washington Option to Purchase Addendum: 1. Lease Agreement: The addendum is an attachment to a standard residential lease agreement. It provides the tenant with the right to purchase the leased property during or at the end of the lease term, based on agreed-upon terms and conditions. 2. Rent Credits: As part of the lease or rent-to-own agreement, a portion of the monthly rent paid by the tenant is typically applied as a rent credit towards the future purchase of the property. This allows tenants to build equity while they live in the home. 3. Purchase Price: The addendum outlines the purchase price of the property. It may be determined at the beginning of the lease term or based on a future appraisal when the tenant decides to exercise their option to purchase. 4. Option Period: A specific period is typically set within the lease agreement during which the tenant can exercise their right to purchase the property. This allows tenants to evaluate the property, secure financing, and decide if it's the right fit for their long-term homeownership goals. 5. Option Fee: In some cases, tenants may be required to pay an upfront option fee to secure the right to purchase the property. This fee is typically non-refundable and is separate from the rent paid. Types of Bellevue Washington Option to Purchase Addendum: 1. Fixed Purchase Price Addendum: In this type of option to purchase agreement, the purchase price of the property is predetermined at the beginning of the lease agreement. This provides clarity and stability regarding the property's future cost. 2. Appraisal-Based Addendum: With this type of agreement, the purchase price is determined at the time the tenant decides to exercise their option based on a professional appraisal of the property. This ensures that the purchase price reflects the current market value. 3. Flexible Terms Addendum: This type of agreement allows for negotiation of various terms, including the purchase price, rent credits, option period, and other conditions. It offers greater flexibility to both tenants and landlords to customize the arrangement based on their specific needs. Regardless of the type of Bellevue Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, this unique opportunity provides a pathway to homeownership for individuals who may not be ready to commit to an immediate purchase. With the added advantage of living in the vibrant city of Bellevue, tenants can enjoy the amenities and community while working towards their ultimate goal of owning their dream home.
