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Commonly Asked Questions about Lease Agreement to Prospective Buyer

A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. A lease option also precludes the owner from offering the property for sale to anyone else.
Gives the seller time to find the right buyer: With a lease-purchase option, the seller can take their time finding the right buyer, rather than feeling pressure to sell their home quickly.
In an option agreement, the owner/seller is referred to as the optionor and the potential buyer is. referred to as the optionee. [
Cons of a Lease Purchase Agreement for Buyers Loss of down payment and option fee: If the buyer cant improve their finances enough to qualify for a mortgage by the sale date, they forfeit their option fee and additional rent payments (if any) to the seller.
Cons. Typically requires an option fee in addition to your rent payments. Market shifts during your rental period may affect home value. Risk of losing money if you ultimately dont qualify for a mortgage or decide not to purchase the property.
Pros and cons of lease-to-buy homes Helps you save for a down payment over time. Gives you time to clean up your credit before you have to apply for a loan. Lets you become familiar with a property before you commit to buying it.
Additional costs: Lease options typically come with extra charges, such as the option fee and rent credit. Thus, you may be paying over market price for your rental as a tenant. Additionally, you stand to lose any money put toward the purchase price if you decide to pull out of the deal.