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Lease Option To Buy Explained |
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
When a renter signs a lease with an option to purchase a property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment. Lease options are most popular among buyers who don't have enough funds for a down payment and closing costs.
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Last Updated ( Thursday, 20 July 2006 )
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Details of a Lease Option |
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
A lease option is an arrangement with you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would applied toward the purchase if the option is exercised. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application.
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Last Updated ( Wednesday, 23 August 2006 )
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Finding Lease Option Information |
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
Contact your real estate agent (some even specialize in such transactions) or read up on lease options at the public library or on the internet. Lease option contracts can also be found on many legal form sites, searching these key words. If you have a real estate attorney, ask if he or she has any prepared information you can review.
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Last Updated ( Tuesday, 22 August 2006 )
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