A lease purchase is a written agreement between a landlord and tenant giving the tenant an option to purchase the property at some future point in time. The nature of this type of real estate transaction can vary a great deal because virtually all the terms of a lease purchase are negotiable. For example, they may or may not include a set price.
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accordance with the terms of this Lease/Option, the Tenant/Buyer, in addition to any other rights which Tenant/Buyer may have in law or equity for the enforcement of Tenant/Buyer’s option to purchase, shall be entitled to reimbursement for the cost of all repairs, maintenance and improvements.
Available for 6 month lease with potential of lease renewal after 6 months. Lease Option P urchase Price $219,950 For rent to own: 3.5% of lease option purchase price required as a lease option fee and is applied to your purchase. Minimum 1.5% +1 month rent required before move in. (Subject to approval)
A lease option is an arrangement between the buyer and the seller to purchase a house after renting it for a specific period of time. A portion of the rent would be applied toward the purchase if the option is exercised. This is referred to as rent credit.
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What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property.
Are you in a lease with option to buy contract and ready to purchase the home now? Before entering a rent to own contract, check into mortgage qualification first. Often a renter may qualify to buy now and just not realized it. If not, at least know where you stand and get advice for the next steps toward ownership.
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