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How to structure a lease option to buy

Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - Colorado 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 filling in the names of the Lessor and Lessee at the top of the form. Ensure that both parties' full legal names are accurately entered.
In the 'Grant of Lease' section, specify 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. Here, indicate 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.
Fill in the notice period required for Lessee to inform Lessor about exercising their option. This should be a specific number of days.
Complete any additional sections regarding assignment or transfer rights, heirs and assigns, and ensure all terms are understood and agreed upon by both parties.
Finally, have both parties sign and date at the bottom of the form. This finalizes your agreement.

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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.

Can you rent-to-own in Colorado?

It is easy To Qualify for the Rent To Own Lease with the Right to Purchase Program: Household income $75,000 or More. Credit score of 620 or above. No Evictions within the last 3 years.

What is the disadvantage of a lease option to buy?

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.

What is the new rental law in Colorado?

The bill strengthens transparency requirements for residential landlords by mandating clear and prominent disclosure of the total price tenants must pay. For visual disclosures, the law specifies that pricing information must be immediately noticeable and easy to understand.

What are some red flags in a lease agreement?

The 2 biggest signs are not keeping up with basic maintenance. And asking for illegal terms in the lease agreement.

What credit score is needed for rent-to-own?

It depends, but an individual homeowner may offer more flexibility. Rent-to-own company Divvy requires a minimum credit score of 550. Dream Americas minimum score is 500. However, both programs have requirements around income, debt and rental payment history.

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Do you need a down payment for rent-to-own?

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.

Is rent to own legal in Colorado?

In Colorado, you do not need a formal lease agreement to establish a tenancy. It is possible to establish a landlord/tenant relationship without having a written lease agreement. However, if you are doing a rent to own lease with your landlord, you must have that agreement in writing.

Can you lease a house with an option to buy?

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.