Lease Purchase Option: What is That?

The lease purchase option is one of the best ways for a property owner to secure a long-term tenant for his rental property, especially when he cannot sell it any other way. With the real estate market throughout Florida being so difficult, many property owners are turning to renting rather than selling the property outright. If this is something you are considering, you do need to use an attorney to help you through the rent to own contract process to ensure that the contract and the transaction go well.

Lease Purchase Option - Are You a Candidate?

Using this approach, the property owner leases the property to the tenant and the tenant is able to purchase the property at some point in time or when a specific goal is reached (as an agreed amount of money is paid). However, in order for this transaction to occur smoothly, you should work with an experienced attorney.

Benefits To You of Using an Attorney

There are several benefits to you when it comes to using a lawyer to help you with a rent to own contract.
  • You are ensured that all Florida real estate laws are met
     
  • More assurance that the transaction is legally binding and you are protected.
     
  • You can learn more about real estate law, security deposit regulations, and other terms contained within a contract.
     
  • Have the proper Florida real estate forms to create a legally binding contract.
     
  • If you already have a contract, an attorney will work with you to review it to ensure it is legally binding and represents your needs properly.
     
  • Get help for any type of dispute that you may be facing.
Do you need help with the lease purchase option? As you can see, the lease with option to purchase contract is one that requires at least some degree of legal expertise. Having an attorney verify that these documents are prepared in the right manner for your unique situation will go a long way to assuring your success.

Florida real estate laws protect both the property owner and the tenant in any real estate transaction. Working with a real estate attorney is critical to ensuring that the transaction goes smoothly. Olsen Law Group can help ensure that your needs are met.

Want to learn more about real estate law then see our real estate practice area page for more articles.

Ask a lawyer at Olsen Law Group at no cost to you about your lease purchase option contract.

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