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What cautions should I watch out for when looking at least to purchase options?

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January 08 2009 - Wilmington
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Tiffany is correct, an attorney will be the final answer on the legality of the lease and other terms of the purchase contract. But here in North Carolina, which is where your post was listed as, we have standard contracts which are used for these types of transactions, which have been approved by the NCRA and the NC Bar Assocation. And whereas you would want your final documents reviewed and filed at the courthouse by an attorney, a North Carolina REALTOR who is experienced with the forms can offer FREE advice, whereas an attorney will likely want to charge you $300 per hour for the advice. You can speak to the REALTOR, go over your options and the forms, then when you are satisfied with the basic understanding, you can hire the attorney to complete the transaction. But if you're not even sure you really want to do this, and you have lots of questions, a REALTOR will be your better bet as there will be no upfront charge.
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January 08 2009
I strongly advise against most lease to purchase options. In the situations where they make sense do not rely exclusively on an agent, get a good real estate attorney. These can be much more complex transactions and you need to protect your rights.

There have been several stories of woe from people that bought lease to purchase and thought they were applying equity to a home they owned only to have the property go into foreclosure or worse.
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January 08 2009

There are many. In North Carolina you are likely to enter into a Lease with Option to Purchase. This means you are setting a sale price today, putting a down payment, and then you are leasing the property.


This is a LEASE. First and foremost. With a possibility of your getting a loan to purchase the property later.


So what is it that's keeping you from Purchasing now? Because you have to make sure that you can correct any barriers you currently have in time to qualify for your mortgage to purchase the property under the terms of the Option to Purchase.


You should hire an experienced Realtor who has handled these types of transactions who can help explain your options and help review any paperwork the seller may want you to sign. If you need a referral, feel free to click my profile to contact me.


FHA Financing is not strictly credit-score driven. It is on-time payment driven. So you should probably put in a loan application even if you're afraid of being turned down. Then you will know what you need to correct in order to qualify for your mortgage later. This would be step one BEFORE you sign anything else. A Realtor can help you through this process.

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January 08 2009
 
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