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August 29, 2008

Lease Option

Lease option is a form of financing used to purchase real estate. Instead of obtaining a mortgage note through traditional lenders, buyers pay sellers 'option money' to secure the right to purchase the property at a later date. The purchase price may be predetermined or the buyer may agree to purchase the home for current market value when the lease option expires.

Since buyers and sellers negotiate their lease option, no two will be the same. When drafting rent-to-own lease agreements it is advisable to work with a qualified real estate attorney. Doing so will ensure the document is legally-binding and adheres to state laws. It is imperative both buyer and seller are protected by law in case either party defaults on the contract.

Real Estate Investing article on "Lease Option"