Month: October 2022

An addendum to a lease contract is a legal document that outlines any changes, additions, or modifications made to an existing lease agreement. The purpose of this document is to ensure that both the landlord and the tenant are clear on the revised terms of the lease and that these changes are officially recorded.

If you find yourself in a situation where you need to draft an addendum to a lease contract, it`s important to ensure that you have a solid understanding of the relevant laws and regulations. Additionally, you`ll want to ensure that your document is clear, concise, and free of errors or ambiguities. Here is a sample of an addendum contract of lease that you can use for guidance.

Addendum Contract of Lease Sample

This Addendum Contract of Lease (“Addendum”) is made and entered into by and between [Landlord`s Name] (“Landlord”) and [Tenant`s Name] (“Tenant”). This Addendum is executed as of [Date of Execution].

This Addendum serves to amend the agreement between the Landlord and Tenant dated [Date of Initial Lease Agreement]. The parties agree to the following amendments to the Lease Agreement:

1. Additional Occupant: Tenant shall be allowed to add a new occupant to the leased premises. The new occupant shall be subject to all terms and conditions of the original lease.

2. Rent Increase: Beginning on [Date of Rent Increase], the monthly rent amount shall be increased by [Amount of Rent Increase]. The new monthly rent amount shall be [New Monthly Rent Amount].

3. Pets: Tenant shall be allowed to have one cat or dog on the leased premises, subject to the following conditions:

a. Tenant shall pay a non-refundable pet deposit of [Amount of Pet Deposit];

b. Tenant shall keep the pet in the leased premises and shall not allow the pet to disturb the peace and quiet of other occupants of the building;

c. Tenant shall be responsible for any damage the pet causes to the leased premises or any part of the building.

4. Termination: The original Lease Agreement shall remain in full force and effect except as amended by this Addendum. This Addendum shall terminate on the date specified in the original Lease Agreement.

5. Entire Agreement: This Addendum constitutes the entire agreement between the Landlord and the Tenant, and supersedes any prior agreements or understandings, whether written or oral.

6. Governing Law: This Addendum shall be governed by and interpreted in accordance with the laws of the state in which the leased premises is located.

In witness whereof, the parties have executed this Addendum as of the date first above written.

[Signature of Landlord]

[Printed Name of Landlord]

[Signature of Tenant]

[Printed Name of Tenant]

In conclusion, writing an addendum contract of lease can be a daunting task, but using a sample like the one above can help you make sure you cover all the necessary information. Remember, clear and concise language is key, as is ensuring compliance with all applicable laws and regulations. With this sample, you`re off to a great start!

If you`re looking to buy a property but don`t have enough funds to do so, a lease purchase option agreement (LPOA) may be your solution. This agreement is a contract between a buyer and seller in which the buyer leases the property for a certain period with the option to purchase it at the end of the lease term.

Here are some key things you need to know about LPOAs:

1. How it works

In a lease purchase option agreement, the buyer agrees to lease the property for a specific period of time, often ranging from one to three years. During this time, the buyer pays a monthly rental fee, which is higher than the market rent, and a portion of it is credited towards the purchase price. The buyer must also pay a non-refundable option fee, which gives them the right to purchase the property at the end of the lease term.

2. Advantages for the buyer

LPOAs are beneficial for buyers who may not have enough funds for a down payment or those who may not qualify for a mortgage due to poor credit scores. With an LPOA, buyers have time to improve their credit scores, save for a down payment, and build equity in the property.

3. Advantages for the seller

Sellers also benefit from LPOAs. They can generate income from the rental payments, and they have the assurance that the property will be sold at the end of the lease term. If the buyer fails to complete the purchase, the seller keeps the option fee and rental payments and can lease the property again or sell it to someone else.

4. Risks for the buyer

One of the main risks for the buyer is if they fail to purchase the property at the end of the lease term, they lose the option fee and the equity they have built in the property. Additionally, if they default on their rental payments, they risk losing the option to purchase the property altogether.

5. Risks for the seller

For sellers, the main risk is if the buyer defaults on their rental payments, they may face a lengthy and costly eviction process to regain possession of the property.

In conclusion, an LPOA can be a good option for buyers who want to buy a property but don`t have enough funds for a down payment or have poor credit scores. However, buyers and sellers should carefully consider the advantages and risks before entering into an LPOA. It`s always recommended to consult with a real estate attorney before signing any contract.