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THREE RIVERS ASSOCIATION OF REALTORS OPTION TO PURCHASE ADDENDUM TO RESIDENTIAL LEASE (To Be Used With Residential Lease) Property: ___ City: ___ State: ___ Zip: ___ Lessor: ___ Lessee: ___ 1. Lessor
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How to fill out lease-purchase addendum to lease

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How to fill out lease-purchase addendum to lease

01
Review the lease agreement to ensure compatibility with adding a lease-purchase addendum.
02
Create a new section in the lease agreement titled 'Lease-Purchase Addendum'.
03
Specify the terms and conditions of the lease-purchase agreement, including the purchase price, down payment, and any additional terms agreed upon.
04
Include a schedule outlining the timeline for the purchase agreement, including important dates such as when the option to purchase expires.
05
Ensure all parties involved in the lease agreement sign the lease-purchase addendum to make it legally binding.

Who needs lease-purchase addendum to lease?

01
Tenants who are interested in eventually purchasing the property they are currently leasing.
02
Landlords who are open to the possibility of selling the property to their tenants after a certain period of time.
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A lease-purchase addendum to lease is a legal document that outlines the terms under which a tenant can purchase the property they are renting. It typically includes specifics about the purchase price, time frames, and conditions.
Generally, both the landlord and the tenant need to agree on the lease-purchase terms and should file the addendum as part of their leasing agreement.
To fill out a lease-purchase addendum, one must include details such as the purchase price, payment terms, duration of the lease, and any specific conditions or contingencies related to the purchase.
The purpose of a lease-purchase addendum is to provide a structured agreement that allows a tenant the option to purchase the leased property at a later date while living in it.
The lease-purchase addendum must report information such as the purchase price, rental payments, specific deadlines for exercising the purchase option, and any other conditions that apply.
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