Posts Tagged ‘Lease Agreement’

A lease option gives would-be buyers the chance to purchase a home, apartment, or condo space after renting it for a certain amount of time. There’s usually an extra fee paid at the beginning of the lease term that will allow you to enter into the lease-purchase option. Lease-purchase options are sometimes offered when the housing market is slow, in part to entice people who may not otherwise be interested in or capable of purchasing a home. Depending on your situation in life and your home-owning aspirations, a lease-purchase option may be appropriate for you. Some of the pros and cons of the lease-purchase concept are covered below. Some agreements put part of your rental payments toward the purchase price; others might only give you first option to buy if the owner decides to sell the property. Keep in mind that the situation will vary with individual contracts and agreements, so make sure you understand the full terms of the deal before signing anything. read more