Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - West Virginia 2026

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering the names of the Lessor and Lessee in the designated fields at the top of the form. Ensure accuracy as these names will be referenced throughout the document.
  3. In the 'Grant of Lease' section, fill in the address of the leased property. This should match what is stated in your Residential Lease Agreement.
  4. Next, navigate to the 'Option to Purchase' section. Specify the date after which Lessee can exercise their option and enter the purchase price clearly. Also, indicate how many days notice must be given to Lessor when exercising this option.
  5. Review and complete any additional sections regarding assignment or transfer rights, heirs and assigns, and ensure that all parties understand that this document represents the entire agreement.
  6. Finally, have both Lessor and Lessee sign and date at the bottom of the form. Make sure all signatures are present before finalizing.

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Cons of lease options as a buyer Thus, you may be paying over market price for your rental as a tenant. Additionally, you stand to lose any money put toward the purchase price if you decide to pull out of the deal.
A rent-to-own agreement is a legal contract that allows you to buy a home after renting it for a predetermined period of time (typically 1 to 3 years). Rent-to-own offers allow buyers to reserve a home at a set purchase price while they save for a down payment and improve their credit.
Rent-to-own lease agreements give landlords a way to liquidate properties in less than ideal market conditions. For instance, if the property is at the end of a busy commercial street, it would take much longer for that house to sell through conventional means.
A West Virginia rent-to-own agreement is a lease that contains an option to purchase, enabling the tenant to buy the property before the agreement expires. The first portion of the document allows the landlord to set the rental conditions, while the second part of the agreement sets the terms for buying the property.
The option to purchase is binding on the landlords successors who may purchase the property during the term of the lease. Similarly, if the landlord dies during the lease term, the option is enforceable against the landlords estate.

People also ask

A lease addendum adds supplemental information to a lease without altering the original content and is made part of the original agreement. It is commonly a separate document that provides additional details to a specific section or topic mentioned in the lease.
Rent-to-own programs cater to buyers who might lack a large down payment or have credit challenges. If youre thinking about rent-to-own because you lack funds for a down payment, you can apply for down payment assistance through one of the 2,000-plus programs offered throughout the country.

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