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Worried about the status of a lease purchase option.? I entered into a lease purchase option in June. The property is still under construction & available Nov. 1. The seller is having trouble with the terms of his mortgage & wants me to get a mortgage now. I can't due to credit issues. At first he offered a refund of my sizeable deposit, but now he says that the terms of his mortgage might not change, but Nov. is fast approaching and he won't know for 2 weeks if he can close on the property. He also stated that my monthly payments might have to be higher than on the contract. I cannot pay more. I need my deposit to look for another place. The original agreement is in writing & states the lease/purchase commences on November 1. Do I have any legal recourse to get a refund of my deposit (the contract states it is non-refundable), since the seller does not currently own the property, there are no other witnesses on the contract and I don't think his lender knows of his intention to lease option the property?

Where can I find a home with a lease purchase option in Chicago? I'm planning on moving into my own place but instead of getting an apartment I would rather move into a home that would allow me to do a lease purchase or rent-to-ownbeing that I am the single parent of a 2 yr. old son and am taking care of my sick father. I just would like to have some research so that I could way my options

Lease early purchase option - only the lessee or others too? I want to terminate my lease and found a buyer who is willing to pay the early purchase price. Is the early purchase option applicable only to me, or also to the other buyer? Can the dealer refuse to sell to the other buyer? The lease is with Toyota Credit.

real estate - lease purchase option texas? I have been leasing my house and am now considering lease purchase option. I need a good web site with detailed info on how it works,with does and don'ts. Also does anyone know how much the real estate agent fees are for drawing up the paperwork,and who pays the fees,seller or buyer. Is contract for deed the same as lease purchase option. Are their property laws that pertain to these subjects

Lease-Purchase Option Home... Home Value? Hubby and I are not in a spot where we can buy just yet (need a few things resolved on our credit first and then we are more than golden for an FHA loan)... So we found this PERFECT home with a lease-purchase option. 100% of the lease payments will be applied to the purchase of the house should we choose to exercise the purchase option after 12 months. I guess my only question here is this... From what I understand, the owner of the property wants the price of the house to be determined when we are wanting to purchase it. Assuming we make an offer soon after the 12 months, do you think the purchase price will stay around the same as it would be in today's market, more or less? I just don't want for us to move into our dream home and find out in a year that the house is $200k more than we want to pay. The house is in a great area, needs no fixing up, 1/2 acre in Peoria, AZ. I don't know comps on the other homes in the area, but I do know that the market stinks right now! Thoughts???

If you are unable to qualify for a mortgage is lease with option to purchase a good idea? Please provide the pros and cons. Do's and don'ts. What to watch out for and ask for in the terms of the agreement.

When in a purchase agreement who get the tax write off? I'm doing a lease option purchase agreement with a friend. Who gets the tax right off on the home. Being that most of my rent is going to the purchase of the home?

Lease with Purchase Option? I am in a lease with option to purchase. The house had oil heat (which had a very slow leak), and when it came time for the AC to be used, the chiller had so many leaks it needed to be replaced. I have written the landlord and have confronted him about it. The local HVAC repair suggested a new system since the currnet system is so old (I think 30 years old). When the landlord go the recommendation, he went out and bought a new heat pump system, but he asked me if I was willing to pay for the installation. I told him no because the option to purchase was still a year off and it was his responsibility. So he said he was only going to have the AC section installed and not the total system. After arguing for 20 minutes, he asked what about if at the time of closing that I pay for the installation. He wrote out an addendum to the purchase stating that I would pay for the installation at the closing of the property and we both signed it and he made a copy for my records. My question is "Is this legal"? And is this a binding addendum?

How do you sell a house using a lease option agreement? I want to lease my home with an option to purchase. I want to know if I can do this by myself or if I need a realtor. I know how much I want for selling price, option payment and rent per month. Thanks in advance.

If you lease option a house out, who is resposible for the property management and repairs? When you lease a house out, with the option to purchase...who is responsible for the repairs and maintenance of the home, the owner or the person leasing who may or may not exercise their option to purchase?

How do Realtors get paid to execute a lease with the option to purchase contract? How to get paid up-front

Lease To Purchase Option on a home I own that still has a mortgage? I am in the process of buying another home and I am thinking about renting out my current house with the option to buy to my current roommate. I will still have a mortgage on my old house in addition to the new house mortgage. I have seen that with the lease to purchase agreements there is an agreed upon percentage of the rent payment that is applied to the purchase of the home. At first I thought about charging $1300 a month and applying $1000 a month toward purchasing the home. But since it is still on a mortgage most of the rent payment will not go toward the principal. What percentage should I change it to? My mortage on my current house is $1000. Thanks.

Question about Lease w/ Option to Purchase? We are going to lease for six months. If we like the house we can enter into a lease w/ option to purchase. I read on a website that with certain paperwork, when the time comes to get a mortgage, you can refinance it instead. Has anyone heard of this? Does it have to do with how much money has accumalated towards the principal? Is there a website with more info on this? Thanks I am just looking at all our options.

Can a NY lease purchase tenant be evicted before purchase for non-payment? Obviously the purpose of a lease to purchase agreement is to sell so you would charge late fees first and what not,but what happens if the tenant/buyer is 30 days or more delinquent? Can you evict or must it be a foreclosure if there is a lease with an option to purchase? Tim: This is unrelated to my question. I am the seller trying to find out if I would get taken advantage if I do a lease to own and the people stop paying. I am not in any danger of foreclosure-not even close but thanks!

How does a realtor get paid on a land contract or lease purchase option (rent to own) sale? I'm a realtor, and I'm used to getting paid my commission at the closing table, when all the funds are being moved around. But I've got a client who's desperate to sell, and they want to tap into the market of "unfinanceables" who are looking for a land contract or lease purchase deal. I know that would bring offers from would-be buyers, but since theres no six-figure payoff going on at closing, demanding my 5% is pretty uncomfortable. Hope someone out there has experience. Jane.

LEASE with option to purchase Maintenance? If there is anyone with some knowledgable advice, please let me know, on lease with option to purchase who is responsible for fixing or replacing a 30 year old furnace, that had not been maintained since i got here, and now its stopped working. my contract says to keep the property in the same condition or as good condition as it was when we moved in. I have had it maintenanced 2 times in one year, i was going to switch propane companies they wouldnt do it, because the heat exchanger was leaking carbon bonoxide poisening, Then the darned thing quit on us. Lease with option to purchase also includes moving out if something is not livable. anyway, everything is falling apart, I dont think i have to continue to be gullable because i need a place for my kids to live. To fix something up that was never kept together and that is 30 years old. Give me some good advice, they are wanting me to pay back, for the price of 2,000.00 on a heater. That went out cause of age. I have proof .

what are the pros and cons of the "lease to purchase" option when buying a home? I would like to purchase a home, however, my credit is not the best... I recently learned of the "lease to purchase option" when buying a home. Since this is totally new to me, I would like to know more about this option, can anyone offer some advice?

What does lease purchase with a tenant option mean exactly? I am living in a house that is for sale and the person that is going to buy it said they might be willing to do a lease purchase with a tenant option with owner financing.

Where do I go to find about Lease Option to purchase real estate? I am looking into creative ways to help my clients to get into home on Lease Option and what is out there and how can I help?

Does it make sense to buy a home through a lease purchase option?

Is a lease option to purchase worth making the payments? ... Or could just saving just about that much amount for a down payment just about the same? Thanks firemedi & lisalaub. Firemedi, I'll email you, thanks for leaving me answers to my questions. You all have a good night.

In the home lease to purchase option, can the leasor decide not to sell after you sign the option to buy? If we make improvements in the house during a lease to own can the leasor decide not to sell it to us and keep those improvements for himself?

has anyone bought a house with "rent to purchase" option? we are looking at a house that offers a lease to purchase option. has anyone gone through this? what are the usual details? this home is for sale by owner so i'm wondering if that changes anything? please let me know if you have any info!

whats the difference between rent to own and lease option to purchase? this is about homes.

what should you look for when you lease (home) with the option to purchase? in the state of florida

Is Lease Purchase a good option for us? We owned our own business and bought a big house. Then the business went under and we're having to sell our dream home. I got a job making only 30K a year and hubby is still looking. We're living on savings right now. I'm thinking the best option is to rent a house for a few months and then buy one. However, we're trying to avoid moving twice because of my daughter that is going into the 2nd grade. I am finding something I've never heard of before called Lease Purchase here in Texas. What are the pros and cons of that?

How do i word in a lease w/ option to purchase that i still get 1st option if seller dies? we have a year to exercise our option to purchase and we want to cover all grounds to ensure that we get 1st option to buy

is it a guaranteed deal when you sell your home Lease to Purchase??? (not lease with an option)? I am wondering what guarantee I have when I sell my home in this manner I am also wondering what the tax liability is on holding my home as investment property during the lease time. This is my 1st home and I don't have much knowledge about taxes.

What is a lease to purchase option when you are looking at houses? We are renting but very curious...? Exactly how does it work?

I would like more information on Lease/Purchase? I want to get into the lease/purchase, lease/option business and would like to know if this works in Canada. I have read information from Russ Whitney and Carlton Sheets, but I have been told you can't do this in Canada. Could someone please help me in this matter.

Dangers of land contract? lease option? My daughter is wanting to move option#1 lease option 1500 down does not include first months rent, nor does it include appliances, they have to acquire renters insurance and the payment is 625 per month the 1500 is a lease option fee what is that? after 2 years they will have the option to purchase the home. option#2 land contract 1500 down 525 per month 8.8% interest completely remodel and does include appliances any one have any positive or negative issues to share with me?and/or things to check out?

What do you think of this Lease w/purchase option deal? It's a 1,998 square foot new home. 4 bdrm/2.5 bath. Lease price per month $1,580, option amount per month $500 Total per month $2,080. After 2 years, we'll have $12,000 in our escrow account which will basically cover our closing costs. Plus the seller has offered 2% of the homes value as a credit. (Home is $550,000) Any insight? (Note: For those that live in the Bay Area in Ca, the home is in Lathrop so we'll have a commute.)

if I lease-purchase a home, can I sell the option? And make money on the sale? For example, I lease purchase a 70000 home for 500 month w a $1000 dollar option fee. I find someone who wants to buy the house for 79000 after a couple months. How do I swing that deal? Can it be done?

In lease-option home deals, how much (%) of rent should go to the down payment? I am looking at purchasing a home and want to know what we can or should ask for to go to the down payment. We WILL buy the house (so lease-purchase vs. option). Thanks!

Real Estate Question: Lease to own option and adding a person to the title of the home? Person A owns the home and offered person B a "Lease to Own" option. The lease to own option states: 1) Person A wants person B to pay %50 of the property taxes during the lease period. Person A will add person B to the title of the home so that person B can claim the mortage payments & property taxes as a credit at the end of the tax year. However, person B is not on the loan. 2) When person B excersices the purchase option at the end of the lease term, the purchase price will be the balance on the mortages + any outstanding taxes owed on the property such that person A can leave the transaction without owing anything. If person A defaults on the mortage/loan and forecloses, what does that mean for person B? Will person B also be liable for the loan?

Do I need to pay California (CA) sales tax on purchase of lease-option (car)? My lease is up. I need to buy the car because it would be too expensive to pay for mileage overages and plan to re-sell same-month. Do I need to pay CA sales-tax for that brief ownership (when the new buyer will need to pay it again)? sources for your answer are much appreciated. :)

With a lease contract , That i did not want, Do i have the option to Purchase ? AFTER READING THE FIRST INQUIRY ABOUT THE 02 ALTIMA 3.5 , I KNEW I HAD SOME QUESTIONS OF MY OWN , YOU SEE MY SITUATION IS PRETTY MUCH THE SAME, BUT WITH ME I WENT IN NOT KNOWING ALOT . ALL THE ANSWERS WERE RIGHT TO THE T, I KNOW THIS THE HARD WAY, I WAS ONE WHO GOT SNARED BY THE 'BUY BACK SCHEME' . HONESTLY TO MAKE A LONG STORY SHORT. .IN RETURN FOR MY 03 ALTIMA 3.5 WITH 35,000 MILES TOO . I WAS GIVEN A MERE $12500.00 , DUE TO THE FACT I WAS UPSIDE DOWN... NOW WHAT I HAVE IS A 2007 MAXIMA 3.5....WITH PAYMENTS ALMOST DOUBLE...AND TO MAKE MATTERS WORST WAS THEY WANTED CASH DOWN , THEY GOT IT $3000.00 PLUS...YOU SEE THE ORINGINAL CONTRACT DID NOT INCLUDE MY 03 ALTIMA...I HAD THE CONTRACT RECINDED NOT KNOWING I WAS SCREWING MYSELF YET EVEN MORE, DO YOU THINK THESE MORONS OF A DEALERSHIP WOULD TELL ME....BASICALLY THEY PUT ME IN A CAR I CAN'T AFFORD , WHEN NEGOIATING THE PAYMENT , I SAID WOULD GIVING A CASH DOWN LOWER MY PAYMENTS, SURE I WAS TOLD, THEY LIED. SO NOW AS IT STANDS THE DEALERSHIP CONTACTS ME TO COME IN AND SIGN, APPARENTLY THE WAS SOME ERRORS ON THE CONTRACT AND THEY WANT TME TO HELP THEM BY COMING IN ONLY TO SCREW MYSELF ONCE MORE. NOT,.BESIDES , THE ERROR IS IN MY FAVOR.

Lease to purchase option in baker louisiana? Okay I'm doing a lease to purchase option and the buyer wants 160,000 for the house in baker louisiana. So I make about 33,000 a year now and I get 8814.96 yearly in child support. So I think I may need to get a part time job that clears another 15,000 to meet the gross income a year to buy the house. If someone can help me please figure out what I need to do?

Is a lease to own option legitimate when purchasing a home? I am considering a lease to own as an alternative to buying a home outright. The reason being that I do not have the capital for a down payment and my credit isn't exactly wonderful. How is a lease to own supposed to work...during the lease, who will be responsible for repairs to the home, property taxes and homeowners insurance. Will I be responsible as soon as I move in or after I actually assert my option to purchase the home at the end of the lease? What should I be looking out for to avoid getting scammed?

Sparta Illinois home for rent, sale, lease option? I have not been able to sell a home that has been vacant for several months. Now am looking to rent or lease option to purchase my home. A job move forced me out of the area. Any ideas or past challenges that have been expieranced.

Lease to option to purchase? When considering a potential lease to own agreement (probably for two years) until this buyer can qualify for a loan to purchase, who pays the utilities? i.e.--does the potential buyer only pay what the present mortgage is from the seller-or does the seller estimate what the utilities are and include in the rent-----or should the agreement indicate the potential buyer needs to put the utitilies in "their" name? Want all the bases covered in this potential route to take since my son has TWO mortgages-one in Atlanta and his home here. Thank you for any feedback. Follow-up-Teran-Rea- The home here was to close one week b/4 his home in Atlanta. The house fell through 1/2 hour b/4 closing here. They had already left their apartment in Atlanta and had to pay 4 months to get out of it and $12,000 invested in the new home------they HAD to go through with it there. Bottom line- a nightmare. The real estate agent here would handle all the paperwork if my son should decide to go this route---( I have NOT mentioned it to him yet). They "buyer" wants to purchase it in 18 months or less. Family is an acquaintance of mine. I basically hope my son can hold off a little longer- it is difficult to say the least.

Banks, Short sales and lease-purchase? Just curious about something, does anyone know if banks or mortgage companies consider lease-purchase as an option to purchasing their short-sale homes or do they only consider straight our purchases?

Can a realtor purchase a persons and lease it back to them so that they can avoid foreclosure? A friend of mine told that this was true in Texas where we live. She said that the buy the house from the mortgage holder and lease it back to the home owner with the option to purchase it back typically within a year. She says this allows the home owner to reestablish their credit score. Is this true.

What are the tax liability with a lease option to buy as far as leasing my home as oppose to renting or sell? If all the lease payment with credit toward purchase goes into paying mortgage does that change my tax liability

When a lease purchase or rent to own tenant buyer goes to purchase do they need 20% down on the mortgage? I have been investing in subject to real estate for a few years now, and someone told me a good way to sell a home I secure through a subject to deal would be through a lease purchase or rent to own contract. The idea sounds good, and I have been aware of the lease purchase contract. What I'm wondering about is the mortgage a lease purchase tenant buyer would need. On a rent to own a tenant buyer would only put a small down payment on the house, say 2 or 3% of the purchase price. When they go to exercise their option to actually purchase, not just rent, do they have to put down an additional 20% to secure a mortgage like if they had got a mortgage in the first place?, Or is there a loophole for a no or low down payment because they've been showing a commitment to the house? Any input from lease 2 purchase investors or a mortgage professional would be greatly appreciated! Thanks

What are the typical provisions of a lease/option agreement? i.e. Down Payment, Rent, etc.? I am currently renting and a home across the street has recently become available for sale by owner. I have recently applied for a mortgage but my approval requires me to complete several items that may take a few months.I approached the owner with the possibility of a lease/option agreement so I may move into the home and leave the rental property. The owner mentioned today an option "fee" of $7,500 and monthly rent of $1,500 with a final purchase price of $173,900. Does the option fee typically get applied to the purchase price when I complete the sale? Should I request a percentage of my rent to be applied to the final purchase price as well? I haven't received any of the paperwork yet but just wanted some ideas. I am new to this.

i live in Florida and have a verbal agreement lease with option. They owners live in Canada and have decided ? sell the house to a family member. I have paid my rent three months in adavnce. How long before they make me move and how hard will it be for them since they actually live in another country? I have done many repairs and work on the house under the belief of purchase. Will this take a long time in court? I also have qualified for the realistate appraisel from the bank. I would like to be able to use that as an option to purchase since their claim is the need for a lump sum of money.

I need information about houses that are rent to own or lease w an opt to purchase in union county or univ? I am considering moving to the union county area or even concord or possible the university area but I am looking for a rent to own or lease with an option to purchase for 6 months or more. I know it will be hard to probably find a home that is in a neighorhood where there are not exceptionally close .I am a nurse so I heard that the job economy is better in this area and I am relocating soon to this area . Any info and insight provided is greatly appreciated . I need at least a 3 bedroom or more and 2 baths with a price range of no more than 1400 a month .I am open to any help that can be provided Thank you

Lease to purchase on commercial real estate? I am looking for a building to open up a bar/club. The seller of the building has the option to either lease or purchase. I was hoping to set up a 'lease with the intent to purchase' agreement. If the selling price of the building is $250,000, what is a reasonable lease cost? Who pays for improvents to convert the interior and exterior? Who pays property taxes and insurance on the building? Should I receive discounts for permanent improvements I make to the building (such as adding bathrooms, bar, DJ booth)? Is it going to be difficult to get permits, if I don't own the building? What are some website or sources for 'lease to purchase' contracts? And on top of it all, the building might be historic and reside in an 'Empire Zone' (New York Sate's draft enterprize zone, for tax breaks to attract businesses). Any help or advice would be highly appreciated! Thanks.

How would I determine the lease and purchase amounts of a three year lease/purchase agreement? The current asking price for a parcel of land is $200,000 and the seller prefers a three year lease arrangemant with the option to sell at the end of the term. What should be the amount of the lease and how much of the lease should be applied to the final purchase price?

Our HOA presidents insists we only 2 options: purchase or lease the clubhouse.? Governing documents do NOT state we have to buy or purchase. Is it legal to insist the residents have to purchase or lease the common areas?

I am looking for a Company that will purchase my home via short sale and lease back with 2 year option to buy? my home is in foreclosure and we have been tring everything to save it, we are able to make regular payments however the mtg co does not accept payments, we can not afford the arrearages on top of the current. so we are considering a shortsale with lease back opt to buy after 2 years with a portion of our rent going toward down payment. any info on this would be apprectiate. Thanks we are in CT