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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

Lease with an Option to Buy Homes and Houses in Kansas City
  • 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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