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There are many homes that are currently on the market for sale that are also offering a lease purchase option. Most likely you will not see them here however if you call me at 678-641-6631 I will run a custom search for you to locate those properties.
Here is some additional information regarding Lease Purchase options.
WHAT IS A LEASE PURCHASE?
A lease purchase is a two contract transaction. The first is a lease. It is contract between the buyer and the seller establishing a tenant/landlord relationship. In other words, it's a rental agreement. Terms are negotiable and should be outlined by a real estate professional.
At the same time, the buyer and seller enter into a Purchase and Sale Agreement. This is the agreement to purchase the property at a given price on a specified date in the future.
WHY WOULD SOMEONE WANT TO ENTER INTO A LEASE PURCHASE?
A lease purchase benefits both the buyer and seller. The seller ideally wants to find a buyer, however, in this challenging environment, the next best thing is to find a renter, who can pay rent to off set their monthly mortgage payment. This works best if the property is vacant. The purchase and sale contract provides the promise that the property will be sold to the renter and as such, the seller should feel confident that the tenant will take good care of "their" property.
The lease purchase is an excellent option for the buyer who may have a blemish on their credit, preventing them from qualifying for a mortgage in the present time. Many of these minor blemishes can be corrected or cured in a 6-12 month timeframe. In addition, the buyer is benefiting their own credit during the lease term by maintaining excellent on-time payment history.
A lease purchase is a complex real estate transaction. The buyer and seller should consult a real estate professional before entering into these contracts.
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