Q: I pay $1000.00 month for rent. Can I lease purchase a home? I heard of that but didn?t know if it is true. I can?t find info without telling someone my personal info. I can?t purchase a home.
?Tana, Baton Rouge, LA
A: The following was taken from this web site; http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
What is a Lease 2 Purchase Contract?
Again, it?s very easy. A Lease 2 Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease 2 Purchase contract.
The tenant/buyer pays to the landlord/seller a nonrefundable option deposit that is applied to the purchase price of the home. The tenant/buyer then pays to the landlord/seller rent to compensate the landlord/seller for the tenant/buyer?s use of the property.
Rent payments are usually made on a monthly basis. A portion of that monthly payment is often applied to the purchase price and/or the down payment of the home.
During the term of the lease, but before the option expires, the tenant/buyer has exclusive right to buy the home under the terms to which both parties have previously agreed.
Also contact your local ?Realtors Association?for further information pertaining to an statues in your specific area. They will not need your personal information to answer your questions! Hope this helps!
Brenda Tokarz is a Realtor? with Rose & Womble Realty in Virginia Beach, VA.
A: A ?lease purchase? or a RENT to OWN, is like buying a home. The sellers agree to accept a down payment and you agree that you can actually obtain a loan and purchase the home within a specific time range agreed by both. Usually no l longer than a year. You have to disclose your personal info to a loan officer to see where you stand on being able to obtain a loan. Most people misunderstand the lease to own idea. But put yourself in the sellers position. They can?t just let you live there indefinitely without making arrangements to actually purchase the home. Good Luck!
Rosanne Nitti is a Realtor? with RMN Investments & Realty Services in Laguna Beach, CA.
A: A ?Lease Purchase? is a real estate transaction where the buyer, in this case you, cannot come up with a loan or cash to buy a home today but expects they will be able to in a year or two. The lease purchase allows the buyer to rent the property while getting their finances in order and usually they pay a fee, called an Option Premium, to do this. Some lease purchase transactions don?t have this fee but many do. Also, the buyer is now bound by everything in the lease and often if the tenant violates ANY condition of the lease, the landlord can keep any money the buyer/tenant has put up front for the ?Option?.
You should contact a local REALTOR who has experience with this type of transaction and have them help you find the right situation. Make sure the agent has done at least one or two of these ?Rent to Own? transactions prior to hiring them.
Good Luck
Lou Sansevero is a Realtor? with Atchley International Realty in Lakewood Ranch, FL.
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- When Do You Pay Commission On A Lease Purchase?
- Lease Options Make For Viable Options
- How Do I Rent To Own In Phoenix, Arizona?
- How Do I Find A Rent-To-Own Home In North Carolina?
- How Do I Do Rent To Own In San Antonio?
Source: http://www.realtor.com/blogs/2012/09/24/can-i-lease-to-purchase-a-home/
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