Purchase Option Agreement
If you are thinking about renting to tenants with the option to buy, (or "Contract for Deed"), you will want to spell out your Option to Purchase deal with a Purchase Option Addendum.
You may have a prospect who can't buy now, but agrees to secure the option with a down-payment or security deposit.
When you accept a tenant who doesn't have the money to put towards the purchase price but still wants to buy your property, it is important to protect yourself properly when granting a tenant the option rights to purchase your property. This addendum is made for exactly that.
If you're not using The LPA Lease with Purchase Option which already includes this full agreement in the form, you'll find this addendum very easy to add onto your existing lease agreement form.
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