Rental Lease Agreement Document With Purchase Option
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FAQ
Lease option pros and cons Other advantages of a lease-option agreement include: When home values are escalating, you lock in today's price and buy later. Rent credits force you to save up a down payment for your home. You can avoid a move by renting and then owning the same house.
Unlike a sale agreement with seller financing, a lease-option allows the owner to continue to receive tax deductions as the owner. Interest, taxes, maintenance and depreciation may still be deducted against the rent received.
What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
What is an "option to purchase" agreement? An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.
What Is An Option To Purchase? An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.