Make your dream of homeownership a reality!
Lease purchases are an option many people consider to make the dream of homeownership a reality. The premise of these programs involves renting a home while earning monthly credits that can go towards the down payment. At the end of a certain time period, the renter can qualify to finance the purchase of the home they currently live in.
Lease purchases are often complicated, with many terms and stipulations included within the agreement. Therefore, it is imperative that an attorney thoroughly review the terms of the lease purchase and ensure all parties involved understand the terms and expectations.
At Innovative Closing Solutions, we work with landlords and tenants interested in developing a lease purchase. Our role in the process involves completely reviewing the contract and answering questions brought forth by either party.
Generally, a purchase price for the home is negotiated at the beginning of the lease. Most lease purchases include the option for the renter to end the lease and move out of the home at the end of the contract. Until this decision is made, a lease purchase agreement simply acts as a normal lease.
Having an attorney on your side is invaluable before developing and signing a lease purchase, whether you are the property owner or the renter interested in eventually buying the home. We help with lease purchases throughout the Greensboro, North Carolina area, so contact us to discuss any of your questions.