Marlene Graham
Phone
(850) 566-3037
Fax
(850) 893-8254
Office
(850) 385-6685
Toll Free
(800) 741-1739
E-Mail Me
RE/MAX Professionals Realty
2030 Thomasville Rd Ste 3B
Tallahassee, FL 32312
To Determine If You Can Pre-Qualify For A Loan Click Here
• • •
Understanding the Loan Process
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When to Refinance
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Mortgage as Investment
• • •
Loan Purchasing Strategies
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Maximizing Your Buying Power
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No Closing Cost Refinances
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Rate Lock
• • •
Frequently Asked Questions
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Current Lenders
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Private Mortgage Insurance
• • •
Paying Points
• • •
Negative Amortization
• • •
Loan to Value Ratio
• • •
Mortgage Glossary
• • •
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Questions & Answers
Get the answers on home selling and buying.
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Lease Options - Q & A
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What is a lease option?
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When a renter signs a lease with an option to purchase the property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment. Lease options are most popular among buyers who don't have enough funds for a down payment and closing costs.
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Where do I get information on lease options?
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For information on lease options, "How Lease Options Benefit Realty Buyers, Sellers, Agents and Investors" is available for from Tribune Media Services, 435 N Michigan #1500, Chicago IL 60611. 1-800-245-6536,or "Publication House", Burlingram CA. 1-800-736-1736
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How do lease options work and what are the benefits?
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Most lease-option agreements specify that a portion of the rent on the property in question is applied toward the purchase if the option is exercised. This is referred to as rent credit. Institutional lenders accept rent credits as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application. For sellers, lease options give them several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the renter is more likely to treat the property like an owner, tax-free use of option consideration until the option expires or is exercised. Lease-options should be read carefully for details on transferring the option and other important concerns. For more information, get a copy of "How Lease- Options Benefit Realty Buyers, Sellers, Agents and Investors," available for $4 from Tribune Media Services, 64 E. Concord St., Orlando, FL 32801.
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Home Advice
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and buying.
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