Alpharetta GA Rent to Own Homes for Sale Explained
Alpharetta GA lease purchase homes for sale rent to own. One of the items that most Alpharetta home buyers, home sellers, first time home buyers, and many Alpharetta real estate agents have no idea on how it really works is "Lease purchases agreements," and "rent to own!" So allow me to take this time and go over some very basic concepts of today's lease purchase agreements. This is extremely important because all parties are entering into a contractual obligation and that means they must perform their respective roles, and know that they need to explore this before they buy a home under these circumstances. This is especially true because these Alpharetta lease homes purchasers also don't understand that at the end of the term, they must either buy the house or vacate, and forfeit their earnest money and applied monthly escrow. It isn't a multiple choice! A lease/purchase contract is not an "option to buy contract" where you put down non-refundable money and at the end of the term if you don't like the house, schools, neighborhood, or whatever you opt, you don't have to go through the final purchase process. That is not what we are talking about.
1.The deposit money is nonrefundable because no one else can purchase the property during the term of the contract.
2.The buyer cannot assign the lease purchase agreement (unless the seller approves and they won't). This is not a rental sub-lease.
3. Buyers are generally be responsible for maintaining the property and paying all expenses which includes taxes and insurance.
4. The buyer is obligated to buy.*
*If the buyer defaults, the buyer will not receive any portion of the option money (deposit), the portion of the lease payments that were paid which would have gone toward down payment, and the seller has the right to sue for specific performance and report your default to the credit bureaus.
If you have any questions about lease purchases it is wise seek the advice from a good real estate attorney first. Do not sign a contract that you do not understand the implications. Once a contract is signed it is often too late.
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