What is a Lease Option?
A lease option (or lease purchase) is a form of "rent to own". It is a type of contract between a tenant (also called the "buyer"), who will occupy the home, and the landlord (also called the "seller"), who owns the property. During the term of the lease option, the buyer pays rent to the seller, and in exchange is permitted to occupy the property. At the end of the "lease term" portion of the contract, the buyer has the option
(meaning they aren't required to, but have first priority rights) to purchase the property outright at a pre-determined price using a mortgage loan or some other financial service. In exchange for this "option" to purchase the home, the buyer will either pay a slightly higher rent rate to the landlord in excess of usual market rent, or will pay a flat fee at the beginning of the contract. In some cases, to keep the flat fee and the rent more affordable, both will be instituted at lesser amounts.
It is a way of purchasing a home that allows a homebuyer to get the advantages and benefits of being a homeowner even if their current financial or personal situation isn't quite ready to buy a home conventionally. We have many different programs available to ALL types of buyers in many different situations (both good and bad), and we will help you select which program is right for you.
As a service of Utah Full Service Brokers, we are backed by Utah's premiere full service real estate brokerage. Located in Salt Lake City, Utah Full Service Brokersa member of the Better Business Bureau of Utah, is a fully licensed and accredited brokerage that is known for providing top quality service to all of their clients. Their Goal is simple, help people with all types of credit, achieve the dream of home ownership. [ Sign Up for Lease Option Consultation ]
How do I Get a Lease Option?
Getting into a new home is easy as it has ever been. Credit problems, job history, even bankruptcy aren't as big of obstacles as you might think. With our access to a large database of homes, and connections with large lenders and credit repair specialist, as well as our numerous programs, we make it extremely easy to get into a house. Simply provide us with some basic information and we will do the rest. [ Sign Up for Lease Option Consultation ]
How soon can I be in a new home?
This often depends on you. The purchasing side (getting the lease option set up) can take place in as little as three weeks. Other factors such as the lease you are currently in, how fast you can provide us with the information we need, and when the sellers will be able to leave your new house can change when you will be able to get in. Whatever the situation, we will make it as easy as possible and get you in within your time frame. [ Sign Up for Lease Option Consultation ]
What types of Fees are involved?
One of the biggest benefits of UtahLeaseOptions is that the cost of our representation services are FREE to our clients. We negotiate with the seller's to take care of our incurred costs and marketing to pay for our representation of you. This keeps more money in your pocket. For more information about other costs or fees associated with our various programs, please contact us. [ Sign Up for Lease Option Consultation ]
How much does a lease option cost me?
The answer to this question depends on many factors but the majority of the time we are able to place applicants into a new home with little or no money down. For more information, contact us
and we will be glad to go over potential costs. [ Sign Up for Lease Option Consultation ]
What about Bankruptcy?
We can help people that are currently in the process of, or have recently been discharged from a Bankruptcy. If you have recently gone through a bankruptcy, a Lease Option would be the best fit for you to get into a new home. Don't let bankruptcy ruin your dreams of home ownership. Through a wide variety of programs we can help almost everybody. [ Sign Up for Lease Option Consultation ]
What about foreclosures?
Foreclosures are devastating to your credit. However, we do have programs with special exceptions if you do have a foreclosure on your record. [ Sign Up for Lease Option Consultation ]