Lease Purchase Homes for Sale
A lease purchase contract (is not the same as a lease option contract, in a lease option the buyer/tenant does not have to purchase the Property they can exercise the option or not it is totally up to the buyer at the end of the contract period) is the short form or abbreviated form of the correct term "lease with option to purchase contract." It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home.- The benefit for the seller is a higher selling price and for the buyer to hold a price down until which time they feel they can obtain financing or wish to purchase Home or Property. See below Listing for more information
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| All Listings | Under $100,000 | $100,000 - $200,000 |
| $200,000 - $300,000 | $300,000 - $400,000 | $400,000 - $500,000 |
| $500,000 - $600,000 | $600,000 - $700,000 | $900,000 - $1,000,000 |
| Over $1,000,000 |
Beautiful Farm With Stocked Lake And Stocked Pond Fenced...
- Price:
- $1,312,240
- City:
- Wilsonville
- Beds:
- 4
- Baths:
- 2
- Type:
- Residential
- MLS® #:
- 462823
- Provider:
- Land & Home Realty Inc
Beautiful Farm With Stocked Lake And Stocked Pond Fenced And Cross Fenced, 2 Barns, Extra Large Air Plane...
Wonderful Custom Built Home Located On 1.5+ Acre Cul...
- Price:
- $1,185,000
- City:
- Mountain Brook
- Beds:
- 5
- Baths:
- 6
- Type:
- Residential
- MLS® #:
- 469780
- Provider:
- Lah Real Estate, Inc.
Wonderful Custom Built Home Located On 1.5+ Acre Cul De Sac Lot. Built In 1997 This Brick Two Story Has...
Hurry!!! For A Linited Time The Builder Is Offering...
- Price:
- $1,099,000
- City:
- Mountain Brook
- Beds:
- 5
- Baths:
- 4½
- Type:
- Residential
- MLS® #:
- 470615
- Provider:
- Re/max Advantage
Hurry!!! For A Linited Time The Builder Is Offering A "no Haggle Price" For This Amazing New Mountain...
Incredible Deal!! 4783 Square Ft Per Tax Records. ...
- Price:
- $980,000
- City:
- Mountain Brook
- Beds:
- 4
- Baths:
- 4½
- Type:
- Residential
- MLS® #:
- 461647
- Provider:
- Realtysouth-inverness Office
Incredible Deal!! 4783 Square Ft Per Tax Records. Beautiful Views From Porch, Patio Or Either Of 2 Balconies....
House Just Remodeled Including All New Appliances,...
- Price:
- $679,000
- City:
- Hoover
- Beds:
- 4
- Baths:
- 4½
- Type:
- Residential
- MLS® #:
- 423884
- Provider:
- Prudential South O'town Realty
House Just Remodeled Including All New Appliances, Most Of Carpet, Hardwoods Redone, Painted, Den/media...
Beautiful Home Built By Fred Jones And Landscaped By...
- Price:
- $559,000
- City:
- Mountain Brook
- Beds:
- 3
- Baths:
- 3½
- Type:
- Residential
- MLS® #:
- 449886
- Provider:
- Realtysouth-mb-cahaba Rd
Beautiful Home Built By Fred Jones And Landscaped By Beatty Hanna. Gated Entry With Guard. Newly Renovated...
Fabulous Home In Prestigious Wynwood Lakes With A Gourmet...
- Price:
- $459,400
- City:
- Trussville
- Beds:
- 4
- Baths:
- 3½
- Type:
- Residential
- MLS® #:
- 455161
- Provider:
- Realtysouth-trussville Office
Fabulous Home In Prestigious Wynwood Lakes With A Gourmet Kitchen Featuring Beautiful Cabinets, Granite...
Hoover Schools/shelby County Taxes.southern Living...
- Price:
- $449,900
- City:
- Helena
- Beds:
- 5
- Baths:
- 6½
- Type:
- Residential
- MLS® #:
- 461555
- Provider:
- Re/max Advantage
Hoover Schools/shelby County Taxes.southern Living Floor Plan And Former Parade Of Homes Winner. So...
These contracts are commonly and most often used where a buyer wants to purchase a home or property, but due to credit issues or income limitations would not qualify for a conventional mortgage and does not wish to, or would not qualify, for FHA or VA financing. Note as a strong recommendation I would advise all seller's to require a buyer to enter a trusted credit repair program
Under most terms, the tenant/buyer chooses the home and seeks a landlord/seller to serve as an investor or buys a property strictly advertised as a Lease Option with is different from a Lease Purchase. The tenant/buyer then agree to a lease for a period (typically 12 to 24 months put can be longer), during or after which the tenant/buyer has the exclusive right to purchase the home at a previously agreed-upon price. The tenant/buyer pays to the landlord/seller a non-refundable option deposit up front that is applied to the purchase price of the home. The tenant/buyer then pays to the landlord/seller a pre determined amount that is typical to the rental amount usually on a monthly basis, of which a small portion of that monthly payment may or may not be applied to the purchase price of the home or property, but which normally covers the monthly obligation amount owed by the landlord/seller.
Should by chase the tenant/buyer not wish or be unable to purchase the Property, the tenant and landlord can agree to extend the option period or change the terms, convert the lease option/purchase contract into a traditional rental agreement, or end the contract with the tenant moving out and losing all payment paid and the landlord seeking other buyers.
Lease purchase and lease option could be considered different where a lease purchase uses a purchase agreement and a lease option may not and an option is a unilateral contract and a purchase agreement is typically a bilateral contract.
If you would like to learn more about a lease option or a lease purchase please contact one of our Executives or use the Lease Application.