We help buyers and sellers interested in lease options draft clear, concise agreements.
Lease options are a popular form of real estate agreement with which the buyer provides the seller option money in exchange for the right to buy the property at a later date. The buyer and seller can either agree on a purchase price at the inception of the agreement, or the buyer can agree to buy the property for market value at the time the option is exercised. In most cases, buyers interested in lease options solidify the future purchase price at the initiation of the lease option agreement.
If the buyer does not decide to exercise the lease option and buy the property when the term expires, the option is no longer on the table and the buyer does not have to purchase the property. Although the option money will not usually count towards the down payment if the buyer does decide to buy the property, a portion of the rental payment can go towards the purchase price.
With lease options, it is essential that the terms of the agreement are clear, so buyer and seller both fully understand their obligations and rights at the offset. Our role at Innovative Closing Solutions is to carefully draft these agreements, so both parties feel fully informed and confident going into the agreement.
We serve buyers and sellers who are interested in lease options throughout the Greensboro, North Carolina area and would be happy to help you draft one of these agreements. Reach out to our closing firm today to discuss your options and set up an appointment.