The chance of Lease Purchase can be considered, when the buyer is very interested in buying the property from the seller, but the closing date will be done in the future. Till the closing date, the seller can avail the rents from the buyer. The closing date can be anywhere between twelve to twenty four months. The buyer can also have the option of buying the home well before the closing date. It is required that the buyer has to pay three percent of the total amount as a deposit. If the buyer fails to get the property within the subjected time, then the deposit will not be refunded. The Lease Purchase Agreement can be brought for $9.97 that will be provided both in the word as well as in the adobe PDF format.
This method has merits for both the parties. The seller will be able to enjoy the entire lease amount that will be greater than the rent amount and any repair costs should be managed by the buyer, since he or she is the future owner of the property. Hence this Lease option can be considered to be a great choice to secure the interests of both the parties.
