I am currently promoting one of my properties as a rental contract. I want to find someone who wants to buy a property, but I need a flexible seller that allows them to rent a room for a short period of time if they are eligible for a traditional loan. I found a misconception that the lease to lease and lease options are the same and these are interchangeable terms. I disagree.
Called semantics, but I think there are differences even if they are similar and sometimes the same structure.
A typical lease option or lease is a lease or lease agreement and an option or purchase agreement. Are those basically different? Yes, they are, but the difference is, for me, how I explained to tenant buyers or leasing options.
If I explain the rental options to the rental option, I will tell them they are renting the property. At any time during the option period, if they want to buy a house, they can exercise their options and purchase at the price described in the options. Is it good for them? They can rent a house and they can choose to buy a house at any time.
Now this is how I explain my rent to my own plan. If you are my tenant buyer, I will tell you that you agree to purchase the property from me and we will sign a purchase agreement. I realize that you may need some time to get a loan, I am willing to keep you flexible and allow you to rent a room when calculating financing details.
Can you see the subtitle, but is it very different?
In the lease option, they rent the property and if they wish, they can purchase the property by exercising the purchase option. In my rental contract, they agreed to buy in front of them, and they were granted a rental privilege while obtaining a loan.
Usually, as a salesperson, I am the buyer correcting the buyer [think "consent and redirect"], but when they try to say they have a purchase option, I can quickly correct my tenant. No, no, no... you need to like it now and promise me that you want to buy. Then I will be flexible and let you rent - own the property as long as you qualify.
These are subtle differences, but they can really change the mindset of people in your property.
Orignal From: It is a kind of self-rent - not a lease option
No comments:
Post a Comment