2006-10-24 16:36:11 · 7 answers · asked by uplay2much4me 1 in Business & Finance ➔ Renting & Real Estate
It would be wise to have a statement in the lease agreement that you have "first right of refusal to purchase the property" at the end of the lease's term. It would also be wise to have an attorney look over the lease agreement. You should note in the lease agreement that if you choose to exercise your option to purchase, the sales price will be determined at that time and at fair market value at that time. Do not agree, in the present, to pay a certain amount of money for the home, as you don't know what might happen in the meanwhile and the value of the home could end up dropping significantly.
2006-10-24 18:06:35 · answer #1 · answered by Cheeky Realtor 3 · 1⤊ 0⤋
Do you mean that you and your fiance are thinking of buying a house on a lease option contract? If that's what your question is, I would advise against it for two reasons.
1 - Already touched on: Don't move in together until you're married. I may be late on this one, but don't have sex until you're married. If you love each other, then it's worth it - if you don't love each other.... then what are you doing together?
2 - A lease option contract is usually not a buyer-friendly way to buy a home. Get your credit cleaned up and stay on the same job for a couple years and you can get an FHA loan and go pick out whatever house you want, rather than limiting yourself to homes that the seller is willing to sell on lease-option terms.
2006-10-24 17:04:32 · answer #2 · answered by teran_realtor 7 · 1⤊ 0⤋
The thing that most people miss when they sign a lease is that they both are liable for the whole lease. So if one leaves the other would owe for the lease. So the landlord goes after the one that is left holding the bag. (The one that stayed in the apartment) That person has to go after the other one for their share.
2006-10-24 16:45:51 · answer #3 · answered by Floyd B 5 · 0⤊ 0⤋
Don't sign it until you've read and understood EVERY word. If this is for an apartment...try to get a month to month deal, leases are a pain if something better comes along and you want to get out of it.
2006-10-24 16:38:56 · answer #4 · answered by Loli M 5 · 0⤊ 0⤋
yes...don't move in together until you get married. Among other things, statistics show that people who live together b4 they're married have a much greater chance of separating within 3-5 years.....also keep it PURE!
2006-10-24 16:39:52 · answer #5 · answered by jumbyhead 2 · 1⤊ 0⤋
Wait til you're married. Trust me.
2006-10-24 16:44:35 · answer #6 · answered by Just Gone 5 · 1⤊ 0⤋
Remember that everything is negotiable. ie... security deposit, term, even payment.
2006-10-24 16:42:20 · answer #7 · answered by REBroker 1 · 0⤊ 0⤋