A lease purchase program in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.
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Both parties agree to what the purchasing price of the home will be at the end of the lease term. The agreement will likely include a stipulation that a portion of the monthly rent goes toward a down payment. The renter should be confident that they can secure a mortgage at the end of the lease or else they forfeit the option to purchase.
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“Time To Make YOUR DREAM A REALITY! Steve Hale “Your Atlanta & Augusta Area Realtor ” Bob Hale Realty
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LEASE PURCHASE & RENT TO OWN HOMES IN GEORGIA,
how to rent to or lease purchase a home in Atlanta or metro Augusta GA
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