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katriana30 | I don't understand lease with purchase option. Can someone explain this to me? |
We have received a Lease with Purchase Option contract from the lady next door for her house. I'm not understanding what several things on it mean. HELP!!!. If anyone with info on these can explain "with all appurtenances for a term of -one- year to commence on -October 1st, 2008- and to end on -October 1st, 2009-, at -12:00- o'clock -AM-? , also other things on it I'm confused about.
Additional Details
The purchase price is $85,000 with a down payment of $5,000 payable upon exercise of said purchase option, and with a closing date no later than -365- days thereafter. This purchase optionmust be exercised in writing no later than -September30, 2009-, but shall not be effective should the Lessee be in default under any terms of this leaseor upon termination of this lease. |
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Landlord
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It is stating that you give a down payment of 5k this Oct 1. and you finance the rest of the principle, which should be 80k within the first year, you have 12 months. It also states that if you default on other terms (most likely she means paying rent on time) that the whole contract is void. |
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Mr Placid
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Well, from the wording you've provided, this is what it sounds like:
1. You will lease the home, and pay the monthly rent.
2. Anytime between 10/1/2008, and 9/30/2009, you may agree to purchase the home for a total price of $85,000. You must convey your agreement in writing.
3. If you decide to purchase the home, you must provide $5000 as a down payment, at the time you transmit your written agreement. You then have an additional 365 days to pay the remainder of the $85,000.
4. You are not obligated to purchase the home. However, you are nonetheless obligated to the lease.
5. If you violate the provisions of the lease (e.g. fail to pay the rent, etc.), you lose your right to purchase the home.
However, I suggest taking the document to an attorney, or at least a legal clinic. The "other things" that you are confused about, and presumably did not include in your description, could make a big difference. |
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Molly
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Call a realtor or a lawyer for specific details. Basically, the lady wants to rent your house with the option to buy in a year. She does not have to buy in a year. You cannot sell the house to another person until October 2, 2009. Option money is similar to a down payment as it will go towards the purchase price if they buy the house, but it is NOT refundable if they don't purchase the house. Ask for a Lease/Purchase Agreement. This way the renter is guaranteeing they will buy the house in one year, not making an option. |
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Answer Man
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All it is, is if you decide that you actually want to buy the house instead of renting it...this is the purchase price. You are under no obligation to buy it, but if you wanted to, you could. Also, check to see if part of your rent would go for the down payment of the house.
the $5000 would be due if you decided to buy the house as a down payment. if you gave that now....you would most likely get that back if you didnt buy the house...I wouldnt give the $5000 though..kinda steep. |
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Karen A
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I'm assuming it means that starting this October through to the following October, you are responsible for paying rent to the owner. Then after that, you have the option to purchase the place. |
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glenn
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Really you need someone to advice you on this in person. A lawyer preferably. These contracts are not standard and the owner wrote them up themselves or had a lawyer write them up and usually they are entirely to the owner's advantage.
They often charge you higher rent than you would normally pay and a bigger deposit and entice you with the possibility that this may someday be your house. It is often much better just to find a rent house and pay the regular amount until you are ready to buy. |
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Tommy M
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They like when you Lease which is ok for some but the draw back is the big up front payment you have to pay. They can penalize you for going over so many miles too. Up keep and Insurance is for you to pay. At the end of the lease you have the Option to go ahead and buy it at a reduced price if you want. Hope that helps??
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angela
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it sounds like a one yr lease --the purchase option means you have the option to buy and a portion of your rent would go towards the down payment,price, or closing costs depending on what your contract says...you can email me with more questions and I will be glad to help!!~~ |
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Minni
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Meaning you will be paying for it but it will never be yours unless they decide to sell it to you. |
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King71
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The truth is, there is absolutely no difference between a Lease 2 Purchase, a Lease Option or a rent-to own. A few people say there is, but they are wrong. Here's why...
When an experienced real estate professional talks about a Lease 2 Purchase, a lease option or a rent-to-own agreement, they are really talking about an arrangement that contains both a lease contract and an option to purchase contract. By definition, this is really a Lease 2 Purchase (or lease option or rent-to-own). Thus... Lease + Option to Purchase = Lease 2 Purchase AND lease option AND rent-to-own
They're all exactly the same! Don't let anyone tell you otherwise. |
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