What to Check Before Signing Your Lease Purchase Contract

 

You have already decided that you want a flexible option, such as the Lease Purchase in order to buy yourself a home. So far so good, but there are several factors that you need to check before signing those papers:
•    First and most important, make sure to read thoroughly the entire fine print (contract). If there are specific terms that you do not understand, those you must discuss with a real estate lawyer. You really need to understand everything that is specified within the Lease Purchase Agreement.

•    Make sure that you are dealing with a trustworthy person, and not a cheat. If you feel he is rushing you to sign those papers, and he does not disclose all the details, you really must search for another option. •    Make sure that the specified contract term is suitable for you. Do not enter a lease agreement which expires in 12 months, if you have no idea yet where from will you get the necessary money. Better go with an option that is more extended, and allows you more time to gather your budget.

•    A Lease Option supposes that if you cannot pay when deadline is up, you will lose your upfront payment. You must be particularly careful with your choice, especially if the required upfront payment exceeds 10% of the real estate value of the property.

 

Just take your time to do your research, because you are in quite a vulnerable condition. Assure yourself from all sides that everything is legal and correct, and sign those papers only when you are 100% sure you know what you are doing.

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