2767 Redington St

Lease terms

No smoking. Tenant pays utilities: gas, electric, water. Tenant maintains pool and yard. Garage for 2 vehicles, off street parking for 3 more vehicles. Additional RV parking for full size RV, toy haller, or additional vehicles. First month rent and Security due on signing lease. Lease with option to buy preferred. I have attached application(s) at the end of the pics, you can print, complete and bring with you or email. You can run your own credit report (free) and email the credit report pdfs. Google AnnualCreditReports, enter your info, see you credit report (free), save the reports as pdf on your computer and email to me along with your application(s), proof of income and ID(s) and I will draft the lease for your review. A lease option (more formally Lease With the Option to Purchase) is an affordable type of contract to purchase a home. In a lease-option, a property owner and tenant agree that the renter has the option of purchasing the property. The lease option contract is between the tenant (also called the lessee or tenant-buyer), and the landlord (lessor), who owns or the property. In order to have a valid option the tenant-buyer must provide "valuable consideration" (a fee) for the option; 3% of the purchase price. The option gives the tenant the right (but not the obligation) to purchase the property at a later date at the agreed price. The lease option only binds the seller to sell, it does not bind the buyer to buy. If interested in option you should get prequalified with a lender so you have an understanding of your finances and what you can and cannot afford. Advantages of Lease Option 1. Buyer is relocating and may need to sell a property in another area before the buyer can qualify to purchase the new home. 2. Buyer may have had some credit issues that can be resolved during the option period. 3. Buyer may have started a new business and otherwise qualifies and can afford the payments. 4. Buyer may not have enough funds for a downpayment. 5. Buyer is relocating and is unfamiliar with the new area and wants to "get a feel" for the area safety, school quality, convenience. 6. Buyer is seeking a VA loan and the property does not meet VA appraisal guidelines. Buyer agrees to make the needed repairs during the lease term to allow the property to meet these specifications. 7. In the event of non-payment option is terminated unlike a mortgage default. 8. The lease-option required less money up front, while a mortgage might require a substantial down payment. 9. If the tenant no longer wishes to purchase the property option may easily be terminated unlike a mortgage. 10. If the tenant is unable to obtain financing option may easily be terminated unlike a mortgage. 11. Price of house is frozen at time of signing option and will not increase for duration of option.