Wilson Real Estate Investment, LLC.
What is a Lease to own purchase?
A lease to own allows you to rent and occupy the property while having a contract to purchase at a future date. The two documents involved in this type transaction is…
1. A lease or rental agreement
2. A purchase contact to buy the property at a future date.
Lease purchase agreements vary so there is not a standard contract used by all. A lease purchase often refers to a contract for a certain purchase price of the property. With a lease purchase, you are intending to buy the property.
What is a Lease Option to purchase?“Lease-options,” are similar in that they often lock in the price of the home at the onset of the contract. However with many lease options, you have the right to purchase the property by a certain date, but are not obligated to do so. Most often options money is non refundable if you do not purchase the property.
Lease purchases and lease options are very popular today!These programs may help new home buyers with credit and savings problems, to purchase their first home.
You would be amazed at how many home sellers are willing to consider a lease purchase (rent to own).
Rent to own houses in Charlotte, NC are becoming more and more popular as sellers and buyers are becoming educated about the process.
As the buyer, there are many benefits to a lease purchase. Some of the benefits are
1.You will have minimum cash required, sometimes credit problems are okay the seller will finance you or if getting a mortgage loan you have time to repair your credit.
2. You have faster equity growth than just renting, some of your rent money is working for you towards the purchase, the option money usually is also credited towards your purchase. You will have lower or no down payment when purchasing since you have option money or rent credits to apply. If you lease option from a property manager, you may be able to use your security deposit for part of the required funds needed at closing.
3. Home prices may have appreciated beyond your locked in price (agreement price), and you have time to check out the property while you live in it.
As a seller, your benefits.
1. Of course would be to sell your home in a slower market.
2. Not worrying about the headache of making several mortgage payments.
3. No tenant headaches because tenant has more incentive to take care of their new home. As the property will be theirs in the future as homeowners. Rental payments are more likely to be made on time, because any non payment would most like cancel the option to purchase contract.
So in reality, this could definitely be a Win Win situation for both buyer and seller. Every lease purchase or option is different, so you need to carefully read your contracts, this is just a general description.
Search available lease to own homes in Charlotte NC.
If you would like more information about rent to own homes in Charlotte, NC. and surrounding areas, please visit our website and click contact us.
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