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Lease With Option To PurchaseA lease under which the lessee has the right to purchase the property. A Lease Purchase Agreement is usually two separate agreements between the parties: a Lease Agreement and a Purchase Agreement. The Lease Purchase shows a definite tenant's intent to purchase the property, and sets the time when the sale of the property will occur. Sometimes buyers with credit problems will benefit from this purchase method. The price and other terms are fixed in the purchase agreement. The seller cannot sell the house to anyone else as long as the Lease Purchase Agreement is in force.
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Related Mortgage Definitions: Lease With Option To Purchase Lease With Option To Purchase A lease under which the lessee has the right to purchase the property. A Lease Purchase Agreement is usually two separate agreements between the parties: a Lease Agreement and a Purchase Agreement. The Lease Purchase shows a definite tenant's ... more... American Dream Downpayment Initiative American Dream Downpayment Initiative The American Dream Downpayment Initiative (ADDI) aims to increase the homeownership rate, especially among lower income and minority households. ADDI help first-time homebuyers with downpayment and closing costs. The program assists low-income ... more... Down Payment Down Payment Money paid to make up the difference between the purchase price and the mortgage amount. Example : John buys a house for $100,000 and obtains a loan for $80,000. His downpayment is $20,000. Closing Costs Locating Downpayment ... more... Earnest Money Earnest Money Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. This deposit made by a buyer of real estate towards the down paymen is typically held by the real estate brokers or the escrow company. ... more... |
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