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
Seattle Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own is a legally binding document that serves as an addendum to an existing residential lease agreement in the city of Seattle, Washington. This addendum provides an option for the tenant to purchase the property at a specified price and within a defined timeframe. The purpose of this document is to offer a lease-to-own arrangement, allowing the tenant to rent the property with the potential to buy it in the future. This option can be attractive to tenants who desire to eventually become homeowners but are not yet ready or able to secure a mortgage loan. There can be different types of Seattle Washington Option to Purchase Addendum, such as: 1. Standard Option to Purchase: This type of addendum outlines the terms and conditions of the option to purchase the property, including the purchase price, the duration of the option period, and any specific terms related to the lease arrangement during this period. It may also mention any credits given towards the purchase price if the tenant decides to exercise the option to buy. 2. Lease-purchase Agreement: This variation typically includes additional provisions to convert the lease agreement into a purchase contract once the tenant decides to exercise the option to buy. It may specify the terms of a purchase agreement, including the method of payment, financing contingencies, and any other relevant provisions pertaining to the sale. 3. Rent Credit Option: Some addendums provide for a credit system, where a portion of the monthly rent payments made by the tenant will be applied towards the purchase price if the tenant exercises the option to buy. This type of addendum incentivizes the tenant to stay in the property for a longer period and accumulate credit towards the eventual purchase. Keywords relevant to the Seattle Washington Option to Purchase Addendum to Residential Lease — Lease or Rent to Own may include: Seattle, Washington, option to purchase, addendum, residential lease, lease agreement, rent to own, tenant, purchase price, timeframe, lease-to-own, homeowners, mortgage loan, option period, lease-purchase agreement, purchase contract, payment method, financing contingencies, rent credit, incentives, and credit system.
