Solutions to fit your needs
If you want a positive solution to the slow market we are experiencing, but wish to sell your home, this may be the best program for you. We will handle all the leasing and management duties until the sale closes. We put the effort into getting you and your lease/purchaser to the closing table. We have the skills necessary to define the risk and reward in a lease/option/purchase.
A lease purchase is a contract to sell with a delayed closing date. It is not a Lease/Option. A Lease Purchase is constructed to get a property sold, and should ONLY be used by Owners-Landlords who intend to sell, and Buyer-Tenants who intend to purchase. These agreements are facilitated by attorneys, and are very similar to the ones used in a normal selling situation. The purchase contract addresses price, financing, taxes, termite, title exam, warranty deed and disclosures. The details are extremely important. Maintenance is handled by the tenant and possession is defined through a traditional rental agreement.Benefits and Risks
This scenario allows a tenant to lease a property with the Option to purchase, and may or may not include a defined price, financing, title exam, or disclosures. However it is possible to negotiate some of these items as part of the Lease-Option. The responsibility for maintenance issues is determined at the time the lease is signed. The Option portion of this type of agreement may/or may not be refundable based upon negotiation. There must be some type of consideration by the Tenant for the Option. So it is NOT a "no cost/no risk" alternative for someone hoping to buy-lease a property with "No Money Down". We often see this type of plan being used and abused by owners who Lease-Option properties at inflated values, and with questionable terms.
Both of these agreements offer benefit and risk for all parties involved, and should only be entered into with a clear understanding of the issues. We know you probably have a lot of questions, so here are the answers to some of the most frequently asked:
Frequently Asked Questions
You win whether they close or not! There is no downside to a Lease Purchase.