Homes for sale -lease/buy option?

Question

Are there any reliable websites available?

What are the general terms of agreement with this option?

How long does the rent/lease agreement last?

Answer 1

Terms of agreement

---------------------------

There are fivekind of terms you have to ask about:

- The down payment (Option Consideration)

- The monthly rent

- The purchase price should you decide to buy

- Any rent credit (portion of rent applied to purchase price)

- The length of the lease

The terms are negotiable between you and the seller. The down payment (option consideration) is typically 3% to 5% of the agreed upon sales price depending on market conditions.

The rent is typically market rent or a little higher, especially if the seller is giving you a rent credit. A rent credit is negotiable as well, just remember a mortgage lender will allow only the portion of rent that is higher than market rent as a rent credit.

The purchase price is typically what the house will appraise for at the time you decide to buy. You can lock the price in when you start the lease, or you can negotiate that the property value be determined when you buy.

The length of the lease agreement is negotiable as well, one to two years is common, but I have seen them go as long as 5 years. The other terms can change if the lease period becomes longer.

Websites with lease to buy properties can be found at http://www.myrenttoownhome.com and http://www.rent-to-own-ads.com

Answer 2

You would have to do a search on real estate agents in your area .Look in your phone directory or phone book under real estate.Most have websites or look in www.yellowpages.com

The thing to searching is to look at the whole page.....the link furnished below is just an example since I do not know what area you are in...good luck