Lease-purchase agreeements normally benefit the buyer… rather than the seller.
A buyer can choose to exercise his/her option to buy … or he/she can walk away.
Price and terms are typically negotiated upfront – and put in writing … (time frames, lease terms, any portion of the lease that is to go toward the purchase price, dates by which the tenant must exercise his/her right to convert, any financing contingencies, cash requirements, downpayments, whether subject to appraisal – or not, inspection requirements, etc).
If the real estate market drops , the buyer can renegotiate the terms … or bow out. If home prices soar, the seller is locked in.
It’s the buyer who decides whether to move forward … while the seller is obligated to sell.
Looking to buy, sell or lease property in South Florida? … Contact Vicki Restivo or Alexandra Hechtman at EWM Realty Int’l 305 793-1365 RestivoMiami@gmail.com
