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A Lease Purchase allows you to rent and occupy the home while having a contract to purchase the property for a set amount at a predetermined time in the future. There are two documents involved; a lease or rental agreement, and a purchase contract to buy the property at a later date. Lease purchase agreements vary from transaction to transaction, so there is not one universally standard contract.
Lease Options are similar in that they often lock in the price of the home at the onset of the contract. However, with many Lease Options you have the right to purchase the property by a certain date, but are not obligated to do so. Most often, options money is non refundable in the event you do not purchase the property.
With current conditions regarding tighter mortgage qualifications and the increased inventory, it's not surprising to see Lease Purchases and Lease Options gaining favor today.
Benefits of Lease Purchase for the Tenant/Buyer
- Learn about our unique Rent to Own opportunities. We can help you get the home of your dreams TODAY even if you didn't think it was possible.
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