Lease purchase goes by many names such as \'rent to own\' and \'lease with an option to purchase\'. The definition is: A Lease Purchase is a Rental (or Lease) and a Purchase Agreement combined (and sometimes split) with the ability or right to purchase or control specific terms of an agreement while the realestate home is being rented. Lease Purchases are also known as \'rent to owns\' or \'lease option agreements\'

Option money is the non-refundable funds paid up front from the tenant/buyer in order to make the deal binding. In order for any contract to be binding and irrevocable, there must be a commitment by both parties in either payment and/or performance. Option Consideration is a meaningful amount, typically 3 to 5 months rent or 2 ½ % to 5% of the purchase price and is usually 100% credited toward reducing the purchase price. Some lending institutions may allow the option consideration to be considered as down payment for the loan (this varies by lender).

Rent Credit is the amount of paid rent that is credited toward the purchase price of the realestate home. Rent credit only applies if the rent is received by the landlord/seller on or before the due date (typically the 1st of the month). Late payments (even 1 day late) received will not have a rent credit for that month

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When your property appears, instead of showing your contact information the following appears: ".contact this seller via  email me link The prospective buyer completes an on-line form and the system sends you an email without revealing your information to the prospective buyer.

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