All Topics > Real Estate Resources > How To Lease a Home with the Option to Buy >

How To Lease a Home with the Option to Buy North Carolina

Are you moving to a new town but are unsure if you want to buy or lease? If so, read the following article for information on leasing a home with the option to buy.

Local Companies

Allen Tate Company
(704) 365-6910
6700 Fairview Road
Charlotte, NC

Prudential Carolinas Realty - Timothy S. Jones
(704) 488-9185
4529 Sharon Road
Charlotte, NC

Sterling Magnolia - Grubb Properties
(704) 364-5556
3720 Wendwood Lane
Charlotte, NC

Sterling Morrison
(704) 405-5126
721 Governor Morrison Street
Charlotte, NC

Camden Property Trust Apartment Homes
(704) 334-3000
309 East Morehead Street
Charlotte, NC

Crosland - Apartments Division
(704) 529-6098
227 West Trade Street
Charlotte, NC

Keller Williams Realty - James Smith
(704) 491-2870
520 Collins Aikman Drive
Charlotte, NC

Mission University Place Apartments
(704) 549-8545
9201 Glenwater Drive
Charlotte, NC

Ashley Arms, Inc.
(704) 868-4864
800 South York St., Suite 2500
Gastonia, NC

Provided by:

Click here for more content from HowToDoThings.com

If you are in the process of making a move to a new town but are unsure if you want to buy or lease there may be a middle of the road approach for you to take: That is, "Leasing with an option to buy."

Lease with an option: What is it? This arrangement means that you are renting a unit with the option to purchase it at a future date. The price of the property is set when the lease-option is signed by both parties. A down payment of some amount is typically collected by the lessor for good faith. Monthly payments will sometimes be higher than the regular rent. The excess amount can be applied to the purchase price or is considered payment for the "right" or "option" to buy.
"Assignable" vs. "Non-Assignable." Assignable lease-options mean that the lessee can offer another person the opportunity to buy the property at the set purchase price. Smart sellers with put in a "Non-Assignable" clause to ensure that if the market goes up and the lessee is still not in a position to buy the house, that she cannot sell it to a third party for a nice sum.
Pros for Lessees: Lessees who secure a lease-option in an improving market may find the value of the house they are buying is significantly greater than the purchase price (fixed at the time of the lease signing).
Cons for Lessee: There is a degree of risk for lessees seeking the lease-option. People seeking this arrangement typically do so because they cannot qualify for a home loan. If the portfolio of a person in a lease-option does not improve to the point where she can qualify for a loan when the option to purchase date arrives, she will lose any option money that has been shelled out. If you are exploring the lease-option arrangement be sure that your credit, savings, debt, and employment stats will be able to get you a loan for the purchase when the time comes. Just because you have a lease-option does not secure your ability to obtain a loan for the property. The seller will still demand a mortgage commitment. Another risk for the lessee is a failing market. If the market sees a decrease, the lessee does not have to purchase the property, however, her option money will be forfeited.

...

Click here to read the rest of the article at HowToDoThings.com

Author: Grace Bloodwell

Featured Local Company

Allen Tate Company

(704) 365-6910
6700 Fairview Road
Charlotte, NC

Read more about How To Lease a Home with the Option to Buy

- Lease Busters North Carolina

A lease is an agreement between a landlord and tenant that binds both parties to the terms of the agreement and is enforceable by law. Should either party default, or "lease bust," the other party may take legal and according action.

- Lease Purchasing North Carolina
- How to Rent or Lease Commercial Buildings North Carolina
- How To Evaluate a Lease Agreement North Carolina
- Commercial Leases North Carolina
- Buying a Lease-to-Own Home North Carolina
- Lease Purchase Business North Carolina
- Rent To Own Homes Explained North Carolina
- Property Leaseing North Carolina
- Renting Space for Your Business North Carolina

Regional Articles

- Renting Space for Your Business North Carolina

Answers to commonly asked questions about picking and leasing business locations. Here you will learn why renting may be a better option than buying space for your business and the ins and outs of commercial leases and zoning ordinances.

- How To Evaluate a Lease Agreement North Carolina
- Property Leaseing North Carolina
- Lease Purchase Business North Carolina
- Rent To Own Homes Explained North Carolina
- Buying a Lease-to-Own Home North Carolina
- Lease Purchasing North Carolina
- Commercial Leases North Carolina
- Lease Busters North Carolina
- How to Rent or Lease Commercial Buildings North Carolina

Advertising	Food & Beverage	Nightlife
Business Services	Franchise	Online Database
Career	Health	Pets
Cars	Holidays	Real Estate Resources
Computer Hardware	Home Appliances	Retail & Consumer Services
Construction	Home Electronics	Software
Education	Home Services	Technology
Entertainment	Industrial Goods & Services	Telecommunications
Environmental	Insurance	Trade Shows
Family	Internet	Travel
Fashion	Legal	Weddings
Financial Services	Miscellaneous	World History

Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History