It seems that lease purchase agreements are the current trend in real estate business. It has a lot of benefits for anyone who uses it. In fact, buying and selling homes these day has become easier. This policy tend to have attrated several tenants and oweners too. It is “rent-to-own” that is the current success fomula doing the rounds in the real estate market.
There are a lot of people who dream of owning their own house. In fact, it is a basic human necessity. Most of them can hardly make that dream work. There is a lot of hard work that goes into buying a home. If you were to buy a home directly without going into any kind of policy, then you might need to possess the entire money for purchase. If you apply for a bank loan, then you should be sanctioned the loan.
Not always does the bank sanction loans to people. Such non-qualifiers do not have to worry any longer because they can always purchase a home by renting one. This is definitely the best policy that has ever made it to the real estate market. A person willing to sell the property is also benefited in this scheme.
While there are so many advantages that come with lease purchase agreements, there are some secrets that you should know about them too. Here, three of them are presented to you.
1. Offer & acceptance: Your lease purchase agreement has to be as clear as possible. You should never give the tenant the benefit of doubt. In fact, it is better not to confuse the tenant with ambiguous word usage. All that you wish to offer and are ready to accept should be clearly depicted. Also, each person has to sign it then and there. This is the only means to convey each other that you are mutually agreeing.
2. Consideration: In this particular column, people often mention the price of the house and relevant details. It is also advisable to include the tenant’s acceptance in paying the same.
3. All that you talk about and agree upon should be put up on paper. This is very important in any business. Things on paper possess more power than the oral agreement. In fact, it acts as a proof to your mutual agreement. Every description that is made in the agreement should abide by the rules existing in your state. Else it goes null. Thus it is essential to have a lawyer to this for you. This helps the tenant and you equally.
When one follows these above mentioned secrets, then they are sure to write a high quality lease purchase agreement.
Michelle is a professional writer who is experienced in writing articles for the web and ebooks. If you are planning to go for a Lease Purchase Agreement, then you should plan and make your decision wisely as a small mistake can actually cost you thousands of dollars. For more information, please visit http://www.leasepurchasemadeeasy.com/lease-purchase-agreement.html.