Tell us about other potential issues you might encounter with a Columbia SC leasing option. We are happy to discuss with you this method of housing. Understand that a seller may refuse the sale at the end of the lease option period. This means that all the rental money mentioned above the market price you paid is lost. A seller may also try to withdraw from the contract when the real estate market has grown rapidly and the property is clearly gaining in value. Of course, none of these actions are legal, but if the buyer does not have the financial means to hire a lawyer, there is not much recourse against a shady seller. Understand that if the market were to decrease, the buyer would still have to pay the higher price set by the contract to own the house. However, if the price is too high, the tenant can simply go and buy another property. However, the buyer loses the portion of the rent that would have been paid on a down payment, so it`s important to do the necessary calculations to determine if leaving is the best option. The main reason why a seller wants to enter into a leasing option agreement is also financial. They may have difficulty selling and the rent would at least help cover mortgage, property tax and insurance costs.
A seller is also assured that a tenant with a rental option would take care of the property, since he hopes to own it one day. Avoid rental credits on the purchase price or supplement, as this could be interpreted as a sales contract. Lease credits for closing costs are acceptable. Follow the fruitful encounter you had with the signing of the “Residential Lease agreement with option to purchase”. The signature must be accompanied by the following: How can I use an option once it has been created? The South Carolina Lease Agreement with option to purchase is a legal document that begins as a lease agreement between the landlord and tenant and offers the tenant a window in which they can purchase the property. The document clarifies all the conditions of use of a dwelling as a rental. In addition, the document explains how the call option is used. This document describes in detail all the necessary information in writing to all parties concerned. As with other contracts, the “housing rental agreement with option to purchase” must be filed via a duly completed application form. This application form contains fields that extract information about creditworthiness, general context and crime history….