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Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - New York

Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - New York 2026

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The document is an Option to Purchase Addendum to a Residential Lease Agreement, outlining the terms under which the Lessee can purchase the leased property from the Lessor. It specifies the lease details, the option for purchase including price and notice requirements, restrictions on assignment or transfer of the option, and confirms that all agreements are binding on heirs and assigns. The addendum emphasizes that it constitutes the entire agreement between both parties.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the names of the Lessor and Lessee in the designated fields at the top of the document. Ensure that both parties' names are spelled correctly for legal accuracy.
In the 'Grant of Lease' section, fill in the address of the leased property as described in your Residential Lease Agreement. This ensures clarity on which property is being discussed.
Next, navigate to the 'Option to Purchase' section. Specify the date after which Lessee can exercise their option to purchase and enter the purchase price. Be precise with these details as they are crucial for both parties.
Complete any additional fields regarding notice periods and contract execution timelines. This information is vital for ensuring a smooth transaction process.
Finally, ensure all parties sign and date at the bottom of the document. This finalizes your agreement and makes it legally binding.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is an option to purchase in a lease?

An option to purchase is an agreement between parties that gives one party (the purchaser) the right to take up the option to purchase property, goods and/or land from the other party (the vendor) at any time within a specified period.

Can you lease with an option to buy?

In a lease option, the tenant pays an upfront fee, known as the option fee, which gives them the right to purchase the property at a later date. A lease option provides the opportunity to lock in a future purchase price.

What is a drawback to a lease option agreement for the buyer?

Additional costs: Lease options typically come with extra charges, such as the option fee and rent credit. 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.

What is the option to purchase clause in a lease agreement?

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.

How does a lease option purchase work?

A lease option is an agreement that gives a renter the choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it.

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How to negotiate a lease to own a home?

Aim to negotiate a fair purchase price, either up front or at the leases expiration, based on market value. When signing the contract, carefully review the lease option or lease purchase agreement, ensuring it includes clear terms on renter responsibilities, purchase price, rent credits and maintenance requirements.

Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - New York 2026

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