Information On Lease Options
At its most basic, a lease option is an agreement between a homebuyer and home seller that is built into the lease. This option basically states that the homebuyer has the option to purchase the home for sale within a certain time period for a specific price. It is a viable option among those homebuyers who have found the home that they want to live in and buy but do not have the current financial means to pay the down payment and closing costs that are required in a straight-up purchase of a home.
Benefits Of Lease Options
An increasingly popular option in buying homes, lease options have great benefits for those individuals that are selling their homes. Looking at lease options from a financial perspective, this path to home selling has a number of benefits that offset the gradual pace of the home sale. The most obvious benefit is that the individual selling their home will receive a monthly rental payment from the homebuyer that is above market values. This is because loan options stipulate that the homebuyer has to pay above market levels for rent in order for the option to be valid. Additionally, lease options ensures that the home seller will receive top-market value for their home and the home seller will also enjoy tax-free use of the lease option consideration until the lease option is either exercised or expired.
Still many people may have questions about lease options and whether this real estate path will fit their agenda. For those of you who are wondering, "Where do I get information on lease options," the best place to start is your real estate agent. Your real estate agent should be the first person that you contact when you have any questions relating to selling your home. Some real estate agents specialize in loan options transaction so they will be able to answer any query that you may have. Another valuable source for lease option information is your real estate attorney. Real estate attorneys will be able to focus on the specifics of any lease options proposals submitted for your home. They will be able to prepare information specific to your home that will be easy for you to read. Other valued sources of loan options are bookstores and also public library. Much like anything in life, it is important that you study up on lease options before pursuing one.
