Leasing with the Option to Purchase. How does it work?
If you ever wondered how it works, here is a detailed explanation.
Leasing with an option to purchase is simply a situation when a renting tenant signs an agreement with a landlord stating that the tenant can buy the property at the end of a prearranged time period. The owner is obligated to sell at the option price, but the tenant is not obligated to buy.
The option to buy is terminated if the tenant in any way violates the lease before closing the agreement to purchase. An option to buy only gives the tenant legal title upon exercise of the option which becomes an absolute and binding contract of sale.
If this sounds like a good way to solve your particular situation than your next question will be: Who will lease a house to me and will be willing to sell it to me a year or so later? There is a solution - a company that does just that: THE HOME PARTNERS OF AMERICA
Watch a short video that explains how it all works and browse eligible properties in your area under the FIND A HOME tab.
Call me with any question you might have!