 |
Lease-Option |
| |
 |
I am about to lease a home for 12 months with the option to buy. We just have to make regular monthly payments and at the end of the 12 months have 2,000 for the down payment. We don't have to pay extra on the rent towards the down payment unless we want to. Our landlord will finance the home himself and get it appraised. Is this to good to be true? |
| |
| |
 |
This may be a good deal for you, but you must have some precautions. Above all, your own real estate lawyer must have some input on any document before you sign it. You need some reassurance that if you decide to buy, the place will come to you free of mortgages and other liens, for example. And you need a specific sale price listed, so you know exactly what you're getting into. If the seller is going to hold a mortgage, your written agreement should specify the interest rate. Do talk with a lawyer, is the best advice I can give you at this point. |
| |
|
Edith
Originally published on June 16, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
