Lease Agreement With Purchase Option In Maricopa
Description
Form popularity
FAQ
Rent-to-own could be a good option if your credit score is so low that you either can't qualify for a mortgage or you can only qualify for one with high interest rates. You can take the steps necessary to improve your credit score while leasing the home you'll eventually buy.
Typically, a tenant is required to give written notice of their exercise of the option several months before the current term of the lease expires — typically a period of time ending three to six months before expiration of the current term of occupancy.
How To Structure A Lease Purchase Agreement Set The Lease Period. The lease should outline how long the lease period will be and the monthly rent amount. Include Special Clauses. Allocate Portion Of Rent To The Down Payment. Include A Contract Of Sale. Have A Professional Review Your Contract.
If you value flexibility and lower initial costs, leasing may be a great choice. However, if you're looking for long-term stability and the ability to build equity, purchasing a home might be more beneficial. Consider your priorities and consult with a financial advisor if needed.
