Lease Purchase Agreement - Know The Nuances Before Getting Into One
Lease Purchase Agreement - Know The Nuances Before Getting Into One
Many people have heard of a lease purchase agreement. One can derive that a lease purchase agreement is one that is entered into by the owner and the tenant where the tenant may be extended the option to but it at the end of the lease . So in this case the tenant can live in the home before making a full payment; this is also known as "leasing to own". An agreement like this is most ideal for one that cannot go in for a mortgage agreement and having enough funds to pay the down payment. The owner is in more benefit with this agreement as the tenant cannot change the price that has been agreed upon in the agreement for the home. All agreements and decision making is final before the tenant moves into the home. Something else that the owner is forbidden from doing is selling the home to someone else during the time that the current tenant is living in the home. So to better understand this agreement, the person that is leasing the home will be paying a certain percentage each month until it the money totals up to the down payment at the end of the lease. As soon as the lease agreement comes to an end the tenant has to start paying the balance amount that he is due till he owns the home. It is the mortgage agent that has to be hired to take in account all the legal angles of the lease purchase agreement. It is advised to take the assistance of an expert as all the essential legal facets cannot be checked by a owner when a sale of a house is involved.There has to be two partitions of the lease purchase agreement. There has to be the initial documentation for the leasing provision. The particulars of the owner and the tenant such as full names, current address, and the date of the agreement for the lease term of has to be a part of the agreement. The description and the address of the property will also be included.The agreement has to necessarily have details as lease starts and ends, rent, due date for payments, fines that will be included for late payments on rent, etc. The second part is the lease purchase agreement. What will be included is the last day of the purchase, last payment amount before the tenant owns the property, consequences of not following through with the payments, the amount of the deposit, total amount of the home, and the signatures of the owner and the tenant. The lease form will need to have everything mentioned above included in order for it to be approved by the federal authorities. It is compulsory that a lawyer be appointed to check the particulars given by parties to the agreement to be true in every aspect. It is only thorough knowledge of the lease purchase agreements that will help you in buying a home of your own.
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