For example lets say Market rent your looking at is $2500 dollars. You pay $3000 dollars a month.
Only $500 dollars per month would be counted towards your down payment
Hope this answers your question
In New York both parties should have an attorney to draw up the contract and lease.
In a quickly recovering sales market I would think it will be very difficult to find such a transaction. A year from now who knows where sales prices will be? In a real option to buy the sales price terms etc will all be in the contract up front.
Kathryn Lilly, Broker
Realty on the Greene, LLC