How does a Purchase Option affect the Lease Agreement?
When you sign a regular Lease Agreement, you are simply paying the owner for the right to live in their property. A Purchase Option gives you many advantages: you usually have a longer term (with no rent increase); part of your rent applies to the purchase; you have more freedom to improve the home; and the major benefit… you have the right to buy the home you are living in. An Agent can walk you through all the benefits, and the Addendum itself spells out everything that is changed in the original Lease Agreement. The Purchase Option Addendum can also be signed later than the regular lease if the Owner is willing to do a Purchase Option.
Related Questions
- If an agreement includes a bargain purchase option, but the lessee is not required to exercise this option, does the agreement still constitute a lease for New Jersey sales tax purposes?
- What is a Residential Lease Agreement with Option to Purchase?
- How does a Purchase Option affect the Lease Agreement?
