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Sj Cory, Home Seller in Jonesboro, GA

Lease-Purchase Jonesboro

Asked by Sj Cory, Jonesboro, GA Wed Oct 5, 2011

I am considering a lease-purchase in order to sell our home. I have lots of questions. Please point me in the right direction. (We are not in bad situation, we can afford to pay for and keep our home).

What exactly is lease-purchase? What is involved with it? How do I find a real estate lawyer? Do I go through an agent to find potential buyers? How can I assure that the mortgage is paid? Is the buyer allowed to make modifications to the house? How does it effect tax-filing?

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Every situation is unique, Sj, but here are some things to consider. Please email, call or text if we might help further.

Lease Purchase Basics

•Buyer pays the seller option money for the right to purchase the property in the future. This option money may (should) be substantial.

•Buyer and seller agree on a purchase price, often at or slightly higher than fair market value.

•During the term of the lease, the buyer agrees to rent the property from the seller for a predetermined rental amount.

•The term of the agreement is negotiable, but the common length is generally from one year to 36 months, at which time the buyer will apply for bank financing and pays off the seller in full.

•The option money generally does not apply toward the down payment and is non-refundable.

•A portion of the monthly lease payment typically applies toward the purchase price.

•No other party may purchase the property unless the buyer defaults.

•The buyer typically cannot assign the lease purchase agreement without seller approval.

•Buyers may be responsible for maintaining the property and paying all expenses associated with its upkeep, including taxes and insurance.

Bottom line, get a good agent to help with the lease/purchase; it will likely save many headaches and more than a few dollars. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Wed Oct 5, 2011
SJ, I would love to speak with you about your lease-purchase option. Many people are now looking to rent with the option to purchase. The advantage for you would be you can get someone in the home quickly and still have the opportunity to sell. The landlord/seller will allow the buyer/tenant to lease the property for a time agreed and then when the lease term is up the buyer will agree to purchase the property. The seller usually wants the buyer to already be talking to a lender to make sure they will be able to buy the home at the later date. If you are working with an Agent that person should be able to help with any of the negotiations. I would love to speak with you more. I can be reached at 404-805-4223.
Have a Bless Day
Colleen Mack
Broker
CAM Real Estate
0 votes Thank Flag Link Thu Oct 6, 2011
Certain stipulations can be written into any contract.
0 votes Thank Flag Link Wed Oct 5, 2011
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