Are you searching for a viable way that will enable you to purchase real estate even if you don’t qualify to get loans from the bank? If you are, then the lease option to buy may just be the solution that can help you make your dream home become a reality.
But first things first. What does lease option mean and what type of people is it targeted towards? This is a type of agreement that provides a renter the option to fully pay for the house or apartment they are renting after the lapse of the lease period. It’s great for people who want to make their first investment in real estate but don’t have enough financial means or documents that enables them to buy through more conventional ways.
The lease purchase Contract can be acquired quite easily
If you have poor credit rating or bad financial history, this is the option for you to be able to own your own home. There are no lengthy paperwork procedures of credit checks involved.
You only need to start out with a low option deposit
Sellers usually impose that an option deposit be paid during the contract signing. But you need not worry, as the set amount is usually not as high as a downpayment for a home. The best part is, the whole amount that you pay in the beginning will be completely credited to the purchase price of the property if you do decide to buy.
You get control over the rented property even if you don’t technically own it yet
The lease purchase contract allows you to have more control over the property even if you’re just technically renting for the meantime. This means that you are more able to change whatever it is that you want to improve in your home.
No need to wait! You can move in immediately
As you will be dealing directly with the owner of the property, there’s no need to wait for any paperwork to be approved before you will be allowed to settle in. so this means that you can move in immediately after you have signed the agreement.
A part of the rent money is credited towards the purchase of the home
This option allows you to pay for the house at the rate that you can afford. The best part about it is the fact that part of the rent money that you’ll be paying is going towards the payment of the actual property if ever you do decide to buy it at the end of the lease period.
Although the lease option can offer you many benefits that makes owning a home quite easy, make sure that before you sign any contracts, you have read through the terms and conditions thoroughly so that you know what exactly you’re getting yourself into. Remember that the lease option to buy is just an option and not an obligation to buy the property when the specified time period lapses. Put what you have learned to good use and in no time you will become a real homeowner.
Author Resource:
Creative Real Estate Services offers home buyers with little cash and poor credit the opportunity for home ownership. Go to http://www.rtocalgary.com
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