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How to use or fill out Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - Illinois with DocHub

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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.
Fill in the address of the leased property under 'GRANT OF LEASE', ensuring accuracy as per your Residential Lease Agreement.
In the 'OPTION TO PURCHASE' section, specify the date after which Lessee can exercise their purchase option and enter the purchase price clearly.
Indicate how many days' notice Lessee must provide to Lessor when exercising this option, and ensure all dates are filled correctly.
Review sections on assignment or transfer rights, heirs and assigns, and ensure you understand these terms before signing.
Finally, sign and date the document at the bottom where indicated for both Lessor and Lessee.

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How to fill out an Illinois residential lease agreement?

A lease in Illinois must include the names of all parties, property address, lease term, rent amount, and payment terms. It should be signed by both the landlord and tenant. Specific changes for 2024 can be found in Illinois Lease Agreements: A 2024 Guide.

What is a rent-to-own agreement in Illinois?

An Illinois rent-to-own agreement is a fixed-term rental contract that gives tenants the right to buy the property theyve been renting. The conditions under which the tenant can exercise their purchase option are stated in the contract.

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.

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