Your In-Depth Lease Option Questions Answered by Jason Hanson. With the landlord I use a document called the "Residential Lease With Option to Purchase." It’s basically a lease that states I also have the option to buy the house within 5 years. These days I always try and get a 5 year.
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With a lease option, you rent your property to a potential buyer and give them an option to buy at the end of the lease term. Using a lease option lets you tap into a huge pool of people who want to buy a home but who aren’t quite ready to make the purchase yet.
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In Brooklyn, the BridgeView Tower and the Decora are among those with this option, in addition to Northside Piers. Both sale prices and rents.
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It all depends on your contract you have signed or are about to sign. Sometimes none goes towards the purchase of the purchase of the house.
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The landlord will be required to provide a completed lease with option to purchase agreement that is ready to be signed by both parties. In addition the parties are to bring the following: Landlord. Access to Property – Keys, fabs, pin codes, etc; and. Mail Access – If there is a mailbox on the property.
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