Lease Option

What is a Lease Option? A Lease Option is a type of contract used in both residential and commercial real estate. In a lease-option, a property owner and tenant agree that, at the end of a specified rental/lease period for a given property, the renter has the option of purchasing the property at a designated price.
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How do Lease Options work? Lease Option's are really not that hard to complete. In essence you will have two contracts, a rental/lease contract and also an option contract. These forms can be found in our resources tab. When writing out the contract it is very important to keep a few things in mind.
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Is a Lease Option right for me? As a seller Lease Options can open the door to a higher rental rate, option consideration monies up-front, and a sales price with fixed appreciation. In addition, you are able to create all the terms that work for you and your current situation.
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Will I receive a lump sum at closing? If you are selling your home via Lease Option you will without a doubt receive an Option Consideration at closing. An option consideration is not a down payment, but sort of acts as one. In most cases the seller receives 3-5% of the set purchase price that will count as a down payment if and when the buyer/tenant purchases the home. In the event the tenant/buyer does not purchase the home the option consideration was merely consideration for the Option to do so.
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