A lease-purchase can sometimes be a good alternative for buyers … especially given the current real estate market in Miami.
If you are relocating, a lease-purchase offers you the ability to lock in a purchase price (and yet still lease!) …until you can sell the home you currently own.
Alexandra and I have two separate lease-purchase contracts … in Miami (Pinecrest, Florida)… that we put together this month. Two transactions really don’t constitute a wave … or a trend for that matter … but it’s an option we thought worth sharing with you in our real estate blog MiamiRealEstateCafe.com. The terms can be worked out (as they are in any transaction!): to the benefit of both parties.
No two situations are ever the same. Each and every real estate transaction is unique (no matter where or what it is).
With each of these two contracts, the buyers and sellers agreed in advance on the purchase price and rental amounts as well as on the other terms – including the length of time the buyer will have to exercise his/her right to buy, any downpayment requirements, security deposits, all the lease terms, and whatever amounts (if any) were to go toward the purchase price… but each was structured differently.
The lease-purchase docs are prepared by an attorney, after we’ve negotiated and solidified the options, terms and conditions.
As a buyer/tenant, a lease-purchase allows you a cushion of time so you can sell your existing home before closing on your new one … Each of these buyers were relocating to Miami … *** One of them is opting to rent furniture for their rental home ( so as to leave their own furniture behind until that house sells) …*** The other has chosen to move everything here (and professionally stage the house they’re selling).
* I mention this because having furniture in a house tends to make it sell faster and at a higher pricepoint.
Whenever you are ready to consider moving (whether it be to buy, sell or relocate) … we would love to help you. Your Local Miami Real Estate Experts … Vicki & Alexandra Restivo – mother/daughter team with EWM Realtors. You can reach us here … or through our direct line at 305 793-1365 or restivo.v@ewm.com any time .
