What is a Lease Option?
A lease option is when you lease your property for a specific period of time and during that period the tenant buyer has the option to exercise the option to purchase your home.
You sign what you call a lease option (similar to a standard purchase agreement) that spells out all the terms of the contract. The lease option is typically for a period of no more than 2-3 years.
Benefits of a Lease Option…
- Allows you to get full asking price even if you have little or no equity in your home.
- Alleviates you from dealing with maintenance and repairs.
- No Realtor commissions.
- You have an immediate solution when in need to sell your home right away.
- You avoid dealing with banks and appraisers.
Who is a Lease Option for?
A lease option is perfect for anyone that owns a home with little or no equity. There are no banks involved so you as the seller can set your own asking price and terms. It is very important that your asking price and monthly note is not too much above the market. A lease option is also great for anyone with lots of equity that wants to avoid capital gains taxes. Many lease option sellers own their home free and clear but opt to sell by way of a lease option to avoid Uncle Sam.
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