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I am renting while looking for a house to buy. I have been offered a lease to purchase - how does that work?

what should i be aware of?
I am in Pennsylvania.
Tue Jul 15 2008, 16:47 - Pennsylvania - Home Buying - 3 answers
 
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Ron Petten...
Just Looking
in London, UK
Ron Petten..., Just Looking in London, UK in London, UK
Answers (3)
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Jed Lane; Fog… was FIRST TO ANSWER
Hey Ron,

I have just recently posted an article on this very thing. Please visit the link below to read the article, I think it will be very helpful. I am also working on the follow up post and will be posted by the end of the week.

Please let me know if I can help in anyway. BEst of luck in your search for your new home.

Chad Lariscy

Tue Jul 15 2008, 17:45
Web Reference: http://www.thefrontporchview.com/2008/06/05/should-i-bu...
 
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Visit our website athttp:// www.thesomersteam.com . We have a section on lease purchase.

Tue Jul 15 2008, 17:18
Web Reference: http://www.thesomersteam.com
 
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FIRST ANSWER
Ron,
You will enter into an agreement with the owner to purchase at a price set now. You will give them consideration of value (money etc.) and you will probably negotiate various things to do in the future. Some of them might be a higher monthly payment that will go towards the down payment, who does the maintainence etc. There can be an option to purchase or just an agreement to purchase. If you buy an option and then don't exercise it you lose the money you gave to get the option. If it's an agrement to purchase then you are buying the house at whatever date is set.
If you have additional questions talk to a local attorney and be sure you talk to one before you sign any documents.

Tue Jul 15 2008, 17:13
 
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