A HotPads user
A HotPads user
4 years ago

Are there any lease-to-own properties in Seattle???

Looking at my options to becoming a home owner. Any help would be great!
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Joy Moran
Joy Moran
Real Estate Professional
0 Replies
4 years ago
There is general confusion regarding this path to ownership. Lease Purchase and Lease Option are the terms used by real estate professionals.

You have to really hunt to find either one. Also, since there are many "Rent to Own" scams around, you should absolutely have an attorney who is experienced in this area of real estate draw up or at least review your contract once you find a willing seller.

Sadly, many renters drawn into this type of contract will never wind up owning the home. They WILL pay higher rent payments which the owner/landlord will keep at the end of the lease.

Here's a good blog about Lease Purchase from Rainy City Guide http://raincityguide.com/2008/09/06/might-lease-purchase-be-this-markets-il-salvatore/

lease-purchase a method of acquiring ownership of property whereby all or a portion of rent payments made under terms of a lease may be subsequently applied to the purchase price

A portion of the rent payments are applied to the purchase price, to gather in increments the missing downpayment on day one. Lease purchase is the means to save the downpayment via a portion of the rent payments. In a Lease Purchase you are obligated to close at some point in the future.

Lease Option http://en.wikipedia.org/wiki/Lease-option

A lease option functions like a lease except there is a schedule when the buyer can decide to purchase the property.

The terms of the lease have to be negotiated also. The responsibilities of maintenance, utilities, taxes, pets, how many occupants, what type of insurance...

During the term of the lease option, the tenant makes lease payments to the landlord for the use of the property with the terms mutually agreed. At the end of the contract, the tenant has the option to purchase the property outright; the tenant would typically obtain the money to do this using a mortgage.

Lease options are criticized as predatory if a lease option is sold to a tenant who cannot realistically expect to ever exercise the option.

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