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Lease with an Option to Buy Homes
and Houses in Kansas City
Basics of an Lease with an Option to Buy
- Buyer pays the seller option fee for the right to later purchase the property.
- Buyer and seller agree to a purchase price now for when the option is exercised.
- The term of the option agreement is negotiable, but the common length is generally from one year to two years.
- During the term of the lease option, the buyer agrees to lease the property from the seller for a predetermined rental amount.
- Buyers are often responsible for maintaining the property and paying all expenses associated with its upkeep and repairs.
- The owner will make repairs to unnoticed repair items the first thirty days of possession.
- Option money is rarely refundable.
- The buyer can sell the option to somebody else.
- The first three months rent is credited to buyer when they exercise the option to buy.
- If the buyer does not exercise the option and purchase the property at the end of the option, the option expires.
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