Lease Option in the Southern Ocean County Real Estate Market
Southern Ocean County Real Estate
When a lease with the option to buy comes to an end in the Southern Ocean County real estate market there can be problems which arise if the deal was not structured properly from the onset. Understanding a lease option in the Southern Ocean County real estate market properly is an important concept for those looking to purchase a home in the Southern Ocean County real estate market who are not quite financially able to do so.
Lease Option in the Southern Ocean County Real Estate Market
First, let us explore what a lease with the option to buy is exactly in the Southern Ocean County real estate market. This type of transaction occurs when a prospective buyer is unable to or unwilling to purchase at that time yet still wishes to occupy the home. The seller will allow this perspective buyer to lease the property for a set period of time with the understanding that the buyer intends to purchase the home at the end of the lease. There are generally a few points that can create problems in this kind of transaction. They are:
- What is the amount of the deposit being made by the buyer/tenant? Is this deposit refundable if the buyer/tenant does not move forward with the purchase?
- Will any of the monthly rental payment be credited towards the purchase price?
Buying in the Southern Ocean County Real Estate Market
A lease with an option to buy can be an outstanding opportunity for both buyers and sellers. If a home is proving difficult to sell, the seller can help cover their expenses while at the same time having a prospective buyer lined up. For a buyer who is unwilling or unable to purchase but plans to in the next few years, it is a great way to test the area and improve whatever situation is prohibiting a straightforward purchase. That said, there are potential hazards as there are with any real estate transaction in Southern Ocean County so it is best to speak with an experienced agent and an attorney to protect your interests. For more information about a lease option in the Southern Ocean County real estate market, please do not hesitate to contact me.
Ocean Sales Team
Farrah Pileggi Sales Agent: 201-952-4131
Kim Pileggi Transaction Processor | Nathan Colmer Marketing Agent
Stafford Township | Barnegat Township | Long Beach Island | Ocean Township (Waretown) | Eagleswood | Little Egg Harbor | Tuckerton
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