What is a lease option?
An agreement that gives a renter the choice to purchase a property during or at the end of the rental period, at a specified price. As long as the lease option period is in effect, the landlord/seller may not offer the property for sale to anyone else. When the term expires, the renter must either exercise or forfeit the purchase option.
Who chooses a lease option to buy a home?
Potential buyers included:
People who want to improve their credit report over the lease period
Renters who want to test a home, area or school district before committing to purchase and stay long-term
Renters who are trying to look toward home ownership instead of continuing to rent, but will require additional time before qualifying for financing
What are the benefits to lease options?
You can have the priority of purchasing your dream home before any other party while building or fixing credit and financial dilemmas that could potentially hold you back from purchasing it
You have no obligation of purchasing the home, so you can walk away from the house at the end of the lease term without feeling pressured to buy it
You can learn the responsibilities of taking care of a home
Your money won’t go to waste because a portion of your down payment will be credited to the purchase at the end of the period
The lease option agreement freezes the price of the property so it will not rise or fall during the lease period which could potentially help with equity gains
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