Lease Purchase Option Explanation

A lease purchase is much simpler then a land contract but has fewer benefits. A lease purchase is simply leasing a house with a pre-determined buyout price if you choose to buy it. Unlike a Land Contract, the lessee is typically responsible for yard maintenance only.  All other maintenance or problems with the home are the owners responsibility.

What are the benefits of a lease purchase?
 1. A lease purchase is excellent for a lower down payment situation.
 2. The purchaser can walk away at the end of the lease with no further obligations other than taking care of any damage or missed payments.
 3. Lease purchases are much quicker to find because they are advertised in the MLS and in print ads.

One of the downsides of a lease purchase is that you may find the home in a condition that is somewhat run down, not as salable as other homes or possibly on a less desirable lot or location.  Most of these homes have been unable to sell so they then lease them.

If you think a Land Contract or Lease Purchase might meet your needs, I would be happy to assist you in determining your best course of action.  We may also find that a straight purchase is the best fit for your situation.
    

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