It goes something like this: SALESPERSON: "Well, have you ever considered lease-" CUSTOMER. that you’ll realize that leasing really is the best way to buy a new car. How does leasing work? In order.
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A commercial real estate Lease with Option to Purchase provides flexibility for both landlords and tenants in making decisions about a property. Similar to a standard lease, a Commercial Real Estate Lease with Option to Purchase means that the tenant may be able to purchase the property under certain conditions.
A Lease Option operates very similarly to a Lease Purchase in that it consists of two agreements and theoretically allows for the tenant to ultimately purchase the property. However, the tenant does not sign a contract for sale but instead enters into an option agreement ("Option Agreement").
A lease with option to buy is simply when you lease the property for a given period of time with an option to purchase the property at the end of the lease. Typically, you complete a full purchase agreement and deposit your option money into escrow.
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If the tenant does not exercise the option to purchase the property by the end of the lease, then any up front option money along with any monies that the tenant paid in addition to the market rental rate for this option may be retained by the owner depending on the agreement.
So you enter into a lease-to-own contract with one of them so you can buy a property through a lease-purchase option with the owner. You pay a non-refundable lease-option fee up front and sign a three-year lease with the option to buy the property at or before the end of the lease at a pre-negotiated price.
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And don’t buy that overstuffed. conditions is breaking a lease acceptable? Can you sublease? What are the fees/penalties for late payment and returned checks? Is there an on-site maintenance person.
· Rent to own is different than a lease option, which gives you the option to buy a place you were renting before it goes on the market, but there’s no obligation to do so. When you rent to own you usually make a deposit, which can also be called “option money,” and the contract stipulates your obligation to buy.