There are a few different options when contemplating a rent to own home in Jupiter and none of them is easy to find. Two option involve 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. You could also look for owner financing but so much really depends on your situation and what is preventing you from purchasing at this time. With owner financing you can expect to need a sunstantial down payment and pay a bit above market rate for interest. if you can find someone willing to enter into this type of agreement.
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. It is very difficult in a strong real estate market to find an opportunity that makes sense but so much depends on how long you need an option for and what you are willing to pay for the right.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty