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A young couple is attempting to purchase their first home, but they do not have adequate funds for a down payment at this time. They should investigate the possibility of a lease-purchase, which would enable them to move in right away, but go to settlement at a later date. The lease-purchase contract should include all of the following EXCEPT

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The lease-purchase contract should include all of the following EXCEPT all financing terms for the purchase.

What is Lease Purchase Contract?

A Lease-Purchase Contract, also known as a Lease Purchase Agreement. A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.

Both parties agree to what the purchase price of the home will be at the end of the lease term. The agreement will likely include a stipulation that a portion of the monthly rent goes toward a down payment. The renter should be confident that they can secure a mortgage at the end of the lease, or else they forfeit the purchase option.

Learn more about Lease Purchase on:

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