If you decide to buy the house, then your rent premium is applied to the purchase price. For example, market rent might be $1,000. However, you’ll pay $1,250 a month. If the extra $250 accumulates for three years, you’ll have $9,000 to apply to the purchase price.
A lease purchase agreement is an alternate way to buy or sell a home. Lease purchases help buyers who are having difficulty qualifying for a mortgage, and they help sellers get a better price in a.
Second, we lease these properties for 12 to 18 months. Each of the people have a written option to buy the property at the end of their lease period with These homes need work. You will be responsible for handling the repairs, painting, and cleaning during your lease process. This is part of the reason.
Looking to buy home through a lease option? Learn about lease options here, or contact a CENTURY 21 Agent for complete support. A lease option is an arrangement between the buyer and the seller to purchase a house after renting it for a specific period of time.
You’ll have to pay for the right to buy the home at the end of the lease period. This amount of money is called the "option consideration." There’s no standard rate, but 3% of the purchase price is common. For example, if the purchase price is $200,000, then the option will probably be around $6,000.
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