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Does Florida have an option period?

Option to Purchase Most options have a deadline and during the option period the seller cannot sell the real estate to any other party (unless of course, the option holder waives his or her rights to purchase the property).

How does a lease option work in Florida?

Lease Option to Purchase A contract in which a landlord/seller leases his or her property to a tenant/buyer for a specific monthly rent, and which gives the tenant the right (but not the obligation) to buy the property at or before the end of the lease period for a price established in advance.

What makes a valid real estate contract in Florida?

A Florida Real Estate Contract must be in writing and contain the following, in order to be legally binding; The parties to the contract - Buyers and Sellers identification. Identification of the Real Property by means of a legal description and street address.

Are lease option agreements legal?

A lease option is a legal agreement that allows a leaseholder to control a property and generate income from it, with the right but not necessarily the obligation, to buy it later.

What is one advantage of a contract for deed?

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

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