Lease Option Legal Help
Flexible buying solutions with a secure legal structure.
In this video:
How does a lease option work?
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What are some reasons to do Lease Option?
Lease Option Agreement Legal Services
A lease option is lease with an option to buy a property. Someone agrees to lease a home with a real estate contract and also agrees to purchase the property at a certain time with a separate contract. After leasing a home, it is easier for an owner to trust a tenant who is taking care of a property rather than finding a new buyer. There many other benefits to using this creative real estate method. For example, the down payment is flexible. A person who leases a home from you can pay off a down payment over a specific period of time. This option is great, because it eliminates real estate agents, paying commissions, and closing costs. The sales contract validates the sale of the home. A lease with option to purchase is good for several reasons:
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You don’t have to sell the home on MLS with an agent.
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You can market the home yourself and attract buyers as you would with an owner finance.
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You have flexibility with terms and payoff.
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You can make extra income with this type of purchase, because your buyers expect to pay a little more than with a traditional loan.
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What Are Some of the Key Points to Remember When Using a Lease With an Option to Purchase?
A lease with option to purchase is like an owner finance. The difference is the amount of time rented, living in the home.
The regular options a buyer and a seller would have in a home purchase are still negotiable using a lease with an option to purchase. This includes down payment, terms, and interest. With the exception of the period of time rented in the home the sales contract, the contracts are very similar. You can still have an option period and survey. However, you cannot retain the lease money if it’s given for the purchase. That money is applied to a lease or a rental contract.
FAQ
Maas Law Firm, Texas Real Estate Attorney
We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call.
Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient.
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