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Seller FAQ |
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Lease Options |
 How
do lease options work and what are the benefits?
What
is a lease option?
Where do I get information on lease
options? |
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Question: How do lease options work and what are the benefits?
Answer: A
lease option is an arrangement with you and a
seller to exercise the option to buy a house
after you have rented it for a specific period.
A portion of your rent would applied toward the
purchase if the option is exercised. This is
referred to as rent credit, which most institutional
lenders will accept 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.
If you
are a seller, lease options can give you 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.
Read
any lease-option arrangement carefully for
details on transferring the option and other
important concerns. |
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Question: What is a lease option?
Answer: When a renter signs a lease with an option
to purchase a 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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Question: Where do I get information on lease options?
Answer: Contact
your real estate agent (some even specialize
in such transactions) or read up on lease options
at the public library. If you have a real estate
attorney, ask if he or she has any prepared
information you can review. Most bookstores
have a fairly hefty real estate book section
these days. Many current real estate books
have at least a section on lease options.
If
you are considering a lease option, be sure
you do your homework first. And have an attorney
or financial advisor on hand to review any paperwork
before you sign. |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
| |
2/1 |
| Sq ft |
| |
N/A |
| Asking Price |
| |
$777,000 |
|
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| City |
| |
S. San Francisco |
| Bed/Bath |
| |
4/2.5 |
| Sq ft |
| |
2410 |
| Asking Price |
| |
$868,000 |
|
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| City |
| |
San Carlos |
| Bed/Bath |
| |
3/2 |
| Sq ft |
| |
2050 |
| Asking Price |
| |
$1,385,000 |
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 |
| City |
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San Mate |
| Bed/Bath |
| |
1/1 |
| Sq ft |
| |
692 |
| Asking Price |
| |
$395,000 |
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| City |
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San Mate |
| Bed/Bath |
| |
2/1 |
| Sq ft |
| |
918 |
| Asking Price |
| |
$435,000 |
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| City |
| |
Foster City |
| Bed/Bath |
| |
3/2 |
| Sq ft |
| |
1,540 |
| Asking Price |
| |
$798,000 |
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| City |
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San Mateo |
| Bed/Bath |
| |
2/2 |
| Sq ft |
| |
N/A |
| Asking Price |
| |
$529,000 |
|
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| City |
| |
San Mateo |
| Bed/Bath |
| |
2/2 |
| Sq ft |
| |
1213 |
| Asking Price |
| |
$535,000 |
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| City |
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San Mateo |
| Bed/Bath |
| |
3/2.5 |
| Sq ft |
| |
1312 |
| Asking Price |
| |
$775,000 |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
| |
$1,399,950 |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
| |
1,254 |
| Asking Price |
| |
$750,000 |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
| |
$935,000 |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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