Simply defined, a lease-option is a lease agreement combined with a purchase agreement. Through a lease-option agreement, a buyer leases a property and then has the right or “option” to purchase on or before the end of that agreement.
Simply defined, a lease-option is a lease agreement combined with a purchase agreement. Through a lease-option agreement, a buyer leases a property and then has the right or “option” to purchase on or before the end of that agreement.
This arrangement gives the buyer time to save enough cash to take title to the property or time to repair their credit sufficiently to take title to the property on or before the end of the lease-purchase period by qualifying for a new loan, assuming an existing loan, or by working out some type of owner financing.
The Lease-Option Method is a true win/win strategy in the field of real estate, whether you are a seller, landlord, buyer, renter, investor, or a real estate agent. It’s simple and it benefits all parties involved. Please check with your local and state laws before working this strategy.
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