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What Is A Lease Purchase Agreement

Get all disclosures and do your due diligence as a regular sale, including the following: As usually stated in the lease, the option fee and accumulated rental credit are both non-refundable if the tenant/buyer decides to leave at the end of the lease. The tenant/buyer is exempt from any liability for the sale and the landlord/seller is responsible for finding new tenants. Leasing purchase is a financing contract that allows you to buy a car over a period of time. It is divided into three parts. There is a deposit followed by monthly payments and ends with a guaranteed future minimum value, also known as balloon payment. Hire-purchase contracts typically last between 24 and 48 hours, with the rare exception of 60 months. If you are making a rental option or lease purchase, hire a real estate attorney to prepare the documents and explain your rights, including the consequences of the property and default…