There are a couple different options when contemplating the rental of a home for future purchase. Each involves two legal documents, the lease itself and then either an option or purchase agreement. The option gives you the right to purchase the home at a specified price, for a specified time in exchange for consideration (the option payment). The purchase agreement is a normal purchase agreement with an extended closing date which is typically at the end of the lease. In most cases, the best use of either of these type of agreements is to allow the purchaser time to either sell an existing residence or sort out credit issues that is preventing financing at this time.
A lot depends on your particular situation and it is something you should discuss at length with a professional RealtorÂ® who can fully explain this process to see if it makes sense for you. Remember that we will be ruling out all short sales and foreclosures which currently dominate much of the market in Vero Beach and the surrounding communities. I would be happy to speak with you in greater detail about your real estate needs so please feel free to contact me at your convenience if I can be of any help.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty