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Lease Option vs. Land Contract. One of the biggest differences between the two from the sellers standpoint is if your buyer fails to make payments you can just terminate the lease and have them out of your more...
Lease Option vs. Land Contract. One of the biggest differences between the two from the sellers standpoint is if your buyer fails to make payments you can just terminate the lease and have them out of your property. In a land contract situation the buyer has "equitable title" of the property. That means if they fall behind on payments the seller would have to evict them. Lease options can be a safer route.
You can purchase property with what is called a lease option. Basically you lease the property for a year or two and at the end of this lease you actually buy the property. The seller can choose if your lease more...
You can purchase property with what is called a lease option. Basically you lease the property for a year or two and at the end of this lease you actually buy the property. The seller can choose if your lease payments will come off the sale price or not since they still own the property. Reasons for lease option are usually the buyer needs time put themselves in a position to make the purchase. Typically building credit and income or time on a job.
