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Answers (3)
- Sara Hoekstra, "SaraHoekstra"
- Contributions:40
Really, a Lease Purchase can be written based on any agreed upon specifics between the Buyer/Tenant and Seller/Landlord.
- Sue Brooks, "Sue Brooks"
- Contributions:127
WIth a lease purchase, you agree on the sales price, put a deposit into escrow (relatively sizeable, i.e. $5-10k), then pay rent until you actually purchase. You can negotiate a portion of the rent to apply to your down payment. This can be a risk to both sides, though, so do talk at length with your Realtor about the pros and cons!
- Michael Krotchie, "rockefeller.team"
- Contributions:33
Hi Alabaster Fred,
Usually a lease-purchase agreement is simply a lease agreement with a 'first right of refusal' clause at the end of the lease that gives the leasee the option to purchase the property at a price determined at the beginning of the lease.
Typically a more substantial down payment is required at the beginning of the lease and the terms are negotiated up front also.
Hope this helps!
Usually a lease-purchase agreement is simply a lease agreement with a 'first right of refusal' clause at the end of the lease that gives the leasee the option to purchase the property at a price determined at the beginning of the lease.
Typically a more substantial down payment is required at the beginning of the lease and the terms are negotiated up front also.
Hope this helps!
how is a lease purchase agreement structured
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