Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - Rhode Island 2025

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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. It specifies the lease details, the option for the Lessee to buy the property at a predetermined price after a certain date, and conditions regarding assignment and transfer of rights. The agreement emphasizes that it constitutes the entire understanding between Lessor and Lessee.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the names of both parties in the designated fields for 'Lessor' and 'Lessee'. Ensure accuracy as these names will be used throughout the document.
Fill in the address of the leased property in the 'GRANT OF LEASE' section. This should match the details provided in 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. Be sure to include any required notice period for exercising this option.
Review and complete any additional sections regarding assignment or transfer rights, ensuring you understand that Lessee cannot transfer this option without Lessor's consent.
Finally, have both parties sign and date at the bottom of the document. Use our platform’s signature feature for a seamless signing experience.

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

How to make amendments to a lease?

How Do I Change A Lease Agreement? Changes to a lease are actioned through a document called a Deed of Variation. It means that the landlord and leaseholder have both agreed to the amendment of a previously completed lease.

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.

Is a lease with option to buy a good idea for a car?

2 Answers 2 This depends entirely on terms of the lease but it in most case a lease is not a good idea. Typically you are much better off separating the financing and the car purchase process. This way you bring cold hard cash to the negotiating table and the dealers have less chances to obfuscate the actual terms.

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 my landlord raise my rent $300 dollars in Rhode Island?

Rhode Island does not impose a legal cap on rent increases. Landlords are free to set new rent amounts, but they must comply with notice period requirements. Fair market conditions generally influence how much landlords decide to increase rent.

What is an advantage to buyers in a lease-purchase option?

The lease purchase also buys time for a potential buyer to repair their credit and save up for a down payment toward a conventional mortgage prior to the expiration of the option. The length of the option can be negotiated and a longer term gives the buyer more time to get things in order.

What is a lease to purchase option?

A lease-purchase option, also known as a rent-to-own agreement, is a contractual arrangement where a tenant leases a property with the option to purchase it after a specified period.

What is the new landlord law in Rhode Island?

What new rental laws have been enacted in Rhode Island in 2025? Effective January 1, 2025, landlords cannot charge convenience fees for rent payments unless an alternative fee-free payment method is available. All additional fees must be clearly disclosed in writing.

Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - Rhode Island 2025

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