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Option to Purchase Rental Property
R 339.16
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OPTION TO PURCHASE RENTAL PROPERTY
Addendum to Lease Agreement
Please note that this is not an Offer to Purchase (or Sale of Property Agreement).
Summary Where a tenant wants to obtain an option (or a future right) to buy the leased premises, an Option to Purchase Rental Property Addendum may be signed and attached to the Lease Agreement as an addendum. The tenant can then elect to buy the property at any time before the option expires, at the agreed price.
Who should use an Option to Purchase Addendum? A property owner and his/her tenant can use an Option to Purchase Addendum when agreeing that the tenant has an option, or the right, to purchase the leased property in the future.
Note: Make sure that you have already signed a Lease Agreement, as this Option to Purchase Addendum works with the Lease Agreement, and does not replace the Lease Agreement.
What does the Option to Purchase the Leased Property say? The Addendum covers the following issues: introduction; option to purchase; purchase price and costs; general.
What does the Option to Purchase Addendum look like? The addendum can be printed onto two pages.
What do you need to do to use the Option to Purchase the Leased Premises?
Read the document to ensure that it suits your requirements. Make any changes as required.
Complete the relevant details in the addendum.
Ensure that the addendum is signed by both the tenant and the landlord.
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