Marc Jablon, Agent, Boca Raton, FL
Once you have located the home in Boca Raton that is willing to do a lease/option, consider the fact that you have a limited amount of time to exercise that option.
Typically, an owner will allow a 1-3 year option to purchase the home. At the outset, you will probably be asked for a non-refundable deposit that indicates that you are serious about a future purchase. This deposit will be non-refundable.
Then, you will pay additional money beyond the rental amount each month, and this extra money will be placed in another non-refundable account that will be used toward your eventual downpayment.
However, at the end of the lease option time, you will have to find a way to finance the house, unless you have sufficient cash to purchase in full.
So the first thing you may want to do, before setting up a lease option, is to make certain that you will be able to finance the home at the end of your option period. If you are not able to do that, you will lose all of the money you deposited.
You may be able to stay on as a renter, if you and the owner agree to this, but the owner would not be under any obligation to refund any of your initial deposit nor any of the additional rent you paid.
With that being said, ask your Boca Raton real estate agent to help to find homes that are currently for rent. There is a greater possibility that the owners of these homes may be amenable to a lease/ option than the owners of homes that are currently for sale.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
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