If you are in the Real Estate business and you have a piece of property or land that you would like to do a lease option on, what are your choices? What is the safest and easiest way of going about something like this? One of the things you might want to look into is something called a lease purchase agreement. A Lease Purchase Agreement allows the seller to rent the property to the buyer until closing. A lease purchase agreement is generally used when the potential buyer is serious about purchasing the property but is not immediately ready and/or able to close.
This is good for people such as myself that want to buy into a property that might be X amount of dollars. I don’t have that much money so I can go ahead and lease the property until I either pay off that money by leasing it or “renting” it or until I get the money TO actually buy the place completely. It’s more or less a break for the buyer but it also keeps the seller safe as well since it’s a contractual agreement between both parties. There are various ways you can “write” up a lease agreement but oftentimes with other contracts it can get to be confusing and time consuming.
One of the options I found online of all places will allow you to actually buy the agreement for the specific real estate property. The agreement comes in a package. This package includes three things; Lease Purchase Agreement, Basic Purchase & Sale Agreement and Basic Rental Agreement. It’s already written up for you. This is a nice option because then you already know what should be in the agreement legally but you can also customize it to your needs. It’s more or less a beginning template to the lease.
Also, the sites that have these packages should also have a nice FAQ section for those of you that have some other questions about this process and how it works! Its like having a nice little guide right in front of you with all the really important questions and answers. This is a really great option for homeowners, real estate investors or builder that are having a hard time selling their real estate but it’s also a good option for a potential home buyer that is having problems getting a loan.
All in all it’s a great option for both seller and buyer to get exactly what they want. The seller gets to find someone that can make payments for the lease and gets to get the house off his or her hands plus make some money and the buyer gets to lease the home of his or her choice without all the extra politics that would be included in just getting a loan in buying the house straight up!
This Author is a huge fan of Lease Purchase Agreement
[tags]Lease Purchase Agreement, Lease Option, Real Estate, Property[/tags]
|
|