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
Everett, Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own Keywords: Everett Washington, option to purchase, addendum, residential lease, lease, rent to own Description: The Everett, Washington Option to Purchase Addendum to Residential Lease offers tenants the unique opportunity to lease a property with the option to purchase it at a later date. This addendum is particularly beneficial for individuals who may not be ready to purchase a home immediately but would like to secure a property for future ownership. This addendum is an additional agreement that is added to the existing residential lease, outlining the terms and conditions for the tenant to exercise the option to purchase the leased property. It provides a legally binding agreement that details the specific terms and conditions of the option, as well as the timeline and conditions under which the tenant can exercise their right to buy the property. Different types of Everett Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum includes the basic terms and conditions for a tenant to purchase the property after the lease term has expired. It outlines the purchase price, the duration of the option, and any specific terms related to the option exercise. 2. Rent Credit Option to Purchase Addendum: In this type of addendum, a portion of the tenant's monthly rent is credited towards the purchase price of the property. This rent credit acts as a form of down payment and can help tenants accumulate funds to purchase the property at the end of the lease term. 3. Adjustable Purchase Price Option to Purchase Addendum: This addendum allows for the purchase price of the property to be adjusted based on market conditions or pre-determined factors. It provides flexibility to both the tenant and the landlord, ensuring that the purchase price remains fair and reflects the market value at the time of the option exercise. 4. Lease Extension Option to Purchase Addendum: For tenants who may still need additional time to secure financing or fulfill other prerequisites for purchasing the property, this addendum allows for an extended lease term with the option to purchase at some point during the extended period. It offers tenants the opportunity to further prepare for homeownership while residing in the property. In conclusion, the Everett, Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with various options for eventually purchasing the property they are currently leasing. Whether through a standard option, rent credit, adjustable purchase price, or lease extension, this addendum offers flexibility and a clear path to homeownership. It is essential for tenants to carefully review and understand the terms and conditions outlined in the addendum before entering into such an agreement.Everett, Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own Keywords: Everett Washington, option to purchase, addendum, residential lease, lease, rent to own Description: The Everett, Washington Option to Purchase Addendum to Residential Lease offers tenants the unique opportunity to lease a property with the option to purchase it at a later date. This addendum is particularly beneficial for individuals who may not be ready to purchase a home immediately but would like to secure a property for future ownership. This addendum is an additional agreement that is added to the existing residential lease, outlining the terms and conditions for the tenant to exercise the option to purchase the leased property. It provides a legally binding agreement that details the specific terms and conditions of the option, as well as the timeline and conditions under which the tenant can exercise their right to buy the property. Different types of Everett Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own: 1. Standard Option to Purchase Addendum: This type of addendum includes the basic terms and conditions for a tenant to purchase the property after the lease term has expired. It outlines the purchase price, the duration of the option, and any specific terms related to the option exercise. 2. Rent Credit Option to Purchase Addendum: In this type of addendum, a portion of the tenant's monthly rent is credited towards the purchase price of the property. This rent credit acts as a form of down payment and can help tenants accumulate funds to purchase the property at the end of the lease term. 3. Adjustable Purchase Price Option to Purchase Addendum: This addendum allows for the purchase price of the property to be adjusted based on market conditions or pre-determined factors. It provides flexibility to both the tenant and the landlord, ensuring that the purchase price remains fair and reflects the market value at the time of the option exercise. 4. Lease Extension Option to Purchase Addendum: For tenants who may still need additional time to secure financing or fulfill other prerequisites for purchasing the property, this addendum allows for an extended lease term with the option to purchase at some point during the extended period. It offers tenants the opportunity to further prepare for homeownership while residing in the property. In conclusion, the Everett, Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own provides tenants with various options for eventually purchasing the property they are currently leasing. Whether through a standard option, rent credit, adjustable purchase price, or lease extension, this addendum offers flexibility and a clear path to homeownership. It is essential for tenants to carefully review and understand the terms and conditions outlined in the addendum before entering into such an agreement.
