RentFromLinda.com

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​​Lease With Option To Purchase





Lease with Option to Purchase Explained . . .

Lease with Option can be done several different ways.  Typically, the details of the sale of the property have been predetermined (sale amount and closing date), all we are doing is delaying the closing until a time better suited for the buyer.

The buyer pays between $1000 - $2000 (depending on the price of the house) in consideration of the option to hold to price of the house.  Any appreciation up until closing would be the buyers (not the owner).  This option money is not a security deposit nor is it under any circumstance refundable.  It will only be applied in the form of a down payment at closing.  Buyer can close anytime within the lease period, with no penalty.
Security deposit is paid as with any lease.  If you buy the house, it is applied to your down payment at closing.  If you change you mind for any reason, the security deposit will be used to cover any unpaid rent, late fees or damage until termination of the lease.

When rent is paid on time (by or before the 1st of each month) Landlord agrees to apply $100 per month towards the purchase of the house, up to a maximum of $2400 (24 months x $100).  If tenant does not purchase house within the time frame agreed upon, none of this money will be paid.  If purchaser obtains financing prior to the end of the contract, there will be no penalty & all monies paid under the Landlords Consideration towards the purchase of the house to date, shall be paid to the purchaser at closing.

Property taxes are paid by me (the owner of record) until you close on the house.  The maintenance however is your responsibility.  I thoroughly go over each house before a lease with option to make sure there are no current problems.  If there are, I fix them before we enter into the lease with option.

So, to recap, a lease with option gives several benefits to the buyer when fulfilled.  It helps you build your down payment towards the purchase of a home.  In this area, typically houses appreciate.  Any appreciation is the buyers, not the seller.  This time also allows the buyer to; 

1) clean up credit
2) payoff any outstanding bills, lowering their debt to income ratio
3) allows buyer to sell current home to use equity in the new purchase
4) build their down payment on the new home

We offer most of our properties "lease with option".  If you are interested in a lease with option to purchase, check back often to see the new properties we've added to this page.  Scroll down to the bottom of this page to see how we do a lease with option.

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SALE PENDING . . .
170 Overbrook
Monroe, Ohio

2-3 bedrooms
2.5 bathrooms
(full walkout basement)

$1100 per month ($50 more per pet or smoker)
$1300 security deposit ($100 more per pet or smoker)

This newer home with 2 large bedrooms and two full baths, was built in 1999. It has a large eat-in kitchen with bleached oak cabinets, complete with dishwasher and stove (refrigerator provided upon request). The kitchen opens up into the living area, making it a spacious “great room”. The master bedroom has a walk-in closet. New carpet, throughout. It has a lower level laundry room and a large two car attached garage with opener. It has central air and electric heat. It’s wired for an optional security system. The basement is partially finished, with a family room, 3 bedroom & 1/2 bath and has outside entrance that opens onto a patio. Fenced in yard.

​Money Required -
- First month's rent of $850 (*includes $25 discount if paid before the due date), utilities are not included ($50 more per pet & smoker).
- Security deposit of $950 ($100 more per pet & smoker)
- Last month's rent (can be paid in 5 monthly installments of $170)
Option to Purchase: 
- above $ for rent & security deposits, plus $2000 (non refundable)
- $100 per month of rent will be applied towards purchase price (payments must be on time, to qualify)