Lease Option in Real Estate ? What does that mean?

If buying a single family property for investment purposes using the conventional way, using a bank, you might have to put down 20% percent down or more, and imagine doing that multiple times, it’s possible you can run out of money quickly. How about a Lease Option as a potential investment vehicle?

In most cases you might put down 1-3%, and some instances maybe nothing depending on what you negotiate with the owner.

What is a lease option? 

A lease option is an agreement that gives a renter a choice to purchase the property their renting during or at the end of the rental period, sometimes from 1 to 3 years, sometimes known as rent-to-own,  depending on what you negotiated with the seller/owner.  It also means  that the owner cannot  offer the property for sale to anyone else. … A lease option is also known as a lease with the option to purchase.

 Paperwork needed : Please see your state specific attorney for paperwork.

Residential lease: legally binding contract made between a landlord and his/her tenant.

Purchase agreement: gives a tenant the right to purchase the property in accordance with the terms set in the agreement. The form must be written in accordance with all State landlord-tenant lease laws in addition to following the State’s real estate commission’s rules which typically require certain disclosures forms to be attached.

Rental Application: Used by landlord/owner to verify a tenant/buyers background including  employment history, credit history and criminal record.

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