THIS IS A QUESTION THAT IS COMING UP WITH MORE AND MORE FREQUENCY THESE DAYS: “IS A LEASE PURCHASE AN OPTION FOR ME RIGHT NOW?”
THE ANSWER: IT DEPENDS.
YES… IF YOU ARE LEASING WHILE YOU’RE PULLING THE FUNDS FOR CLOSING TOGETHER.
NO… IF YOU’RE THINKING THAT MAYBE ONE DAY YOU’LL BUY THE PROPERTY FOR WHAT YOU SET THE PRICE AS OF TODAY.
OF COURSE THAT’S THE ABBREVIATED ANSWER. A LEASE PURCHASE CAN BE STRUCTURED IN A NUMBER OF WAYS BY A QUALIFIED REAL ESTATE ATTORNEY, WITH CONTRACTUAL EARNEST MONEY DEPOSITS AND TERMS SPECIFIED, AND PORTIONS OF THE LEASE AMOUNT POTENTIALLY CREDITED TOWARD THE PURCHASE PRICE.
IF YOU WOULD LIKE TO TALK ABOUT A LEASE-PURCHASE SCENARIO, OR ABOUT A STRAIGHT LEASE, OR SALE, OR PURCHASE, PLEASE DON’T HESITATE TO CALL ME ON MY CELLULAR (305) 793-1365 OR (305) 632-0164 … OR DROP ME A NOTE HERE, WITH THE BEST TIME AND NUMBER TO CONTACT YOU BACK.
