#leasepurchase

How about a Lease-Purchase Agreement?

Lease Purchase agreements are typical leases of real estate that have a purchase provision for the buyer in which buyer and seller agree in advance to the price of sale and provide application of certain payments under the lease toward that purchase.

These types of leases are extremely useful to both buyers and sellers.  Here is why:  On occasion, a buyer has less than perfect credit, or cannot come up with a sufficient down payment to purchase property.  Owners can benefit by shifting all maintenance, taxes, and insurance costs to the buyer while collecting rental payments and having a sale provision ready to go.  This approach is superior to owner financing since no foreclosure is necessary and liens from debts cannot attach from the lessee.  So, to recap - buyer gets a house or property at a manageable rate and seller gets paid with a sale on the line.  The agreements can be structured any way the parties desire.

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Not everything that glitters is gold...

Ever heard of a lease-purchase?  Also known as "rent to own" it is almost a buy-here-pay-here deal with real estate.  The alternative is an owner financed deal wherein the seller serves as the bank.  Lease-Purchase can be a great way for someone with a lower credit score to get into a home if the terms are favorable in the agreement.  It can also be a good deal for the seller - if the seller can afford to carry the financing for the buyer since the seller can also make money on reasonable interest.

A lease-purchase agreement contains the entiure agreement between the parties.  In this regard, it is critical to have an attorney prepare the agreement and ensure that terms you want are included.

THE RELIANCE LAW GROUP | www.reliancelawgroup.net Bristol: (276) 644-0992  |  Cedar Bluff: (276) 522-1220