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Selling your property with a lease purchase agreement was probably not what you had in mind when you put the for sale sign up in the front yard, but now you have came across a serious buyer that is just not quite ready or able to close on the purchase right now. Maybe they are just waiting on the sale of their previous property in a different state or maybe they have a few things on their credit report that will be cleared up before too long.

You feel very confident they are serious about buying the property and you are considering letting them rent the house until they can close on the purchase. You have probably heard of a lease option but know that's not exactly the type of deal you are entering into with the buyer.

You and the buyer intend to fill out a complete purchase and sale agreement with a stated deadline for closing based upon their situation. You are not simply giving them the option to purchase. They are putting down a binder deposit (also called earnest money in some parts of the country) and signing a contract agreeing to buy the property and you are agreeing to allow them to rent the property until the closing. This is called a lease purchase agreement.

Unlike a lease option where the tenant has the right but not the obligation to buy the house before the expiration of the rental term, a lease purchase agreement requires the buyer to purchase the property before the expiration of the contract. Of course in the real-world things do go wrong and people failed to close, just like they do with a regular real estate contract and a 30 day closing. That's one reason you should always get a substantial purchase deposit before letting them move into the home.

It's not quite as simple as completing a real estate contract and rental agreement, and then letting them move into the property. You want to be sure to use the proper paperwork. Hopefully none of the following will happen during the term of your deal but a properly drafted lease purchase agreement should cover several situations that could occur.

What happens if they turn out to be the tenants from "you know where" and you have to evict them (under the terms of the rental agreement)? Do they still have a valid a right to buy the property (under the terms of the real estate contract) that would keep you from putting your house back on the market until the expiration of that contract?

What happens if they don't close on the property before the date they agree to? If you want to give them an extension on the closing date and there has been an unanticipated increase in real estate values for the area, can you raise the purchase price? Under what terms (if any), would you have to give their deposit back to them?

While no form can cover every situation that could occur in a given real estate transaction, a good lease purchase agreement will cover all of the circumstances mentioned above and many others. 志木市 不動産

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