Rent to Own | Lease Option Your New Florida Home

Scam Alert - Part 6

Do You Know The Future Purchase Price of Your New Home?

Do You Know How The Future Purchase Price is Determined?

Get the future purchase price in writing.

Get the future purchase price locked in and in writing in the contract! Do NOT sign a contract with a floating future purchase price, unless you know exactly how the future price will be determined and you agree to the calculation.

SAMPLE:

Purchase Option.

A. Tenant shall have the option (hereinafter "Purchase Option") to purchase the Premises as follows:

(1) Purchase Price. The total purchase price for the Premises shall be $265,331.00 and 00/100 DOLLARS and shall be payable as follows:

Non-Refundable Option Payment. A non-refundable option payment of $7,050.00 and 00/100 DOLLARS shall be due and payable upon full execution hereof.

(2) The balance of the Purchase price shall be payable in cash at closing.

B. In the event Buyer is unable to obtain financing at the end of the fourteen-month lease term, Seller will extend this Lease Option agreement for an additional term provided Tenant has paid all rents on time, maintained the property according to the Agreement, and improved condition currently preventing financing. The purchase price shall be increased by one
(1 %) percent per month and the monthly payment will be increased by $50 to $1,700.00.

C. In the event the property does not appraise at end of the lease term, Seller may extend the term in order for the property to appraise, provided Buyer has complied with all terms of this Agreement.

D. Tenant must notify Landlord in writing and no later than March 27, 2006, of his election to exercise the option.

E. The Purchase Option shall not be effective should Tenant be in default under any terms of this lease.

F. If Landlord fails to perform any of the covenants of this Purchase Option, the Tenant shall have the right of specific performance.

Don't be so excited to hear "YES" about an opportunity to get the keys to your new rent to own Florida home.

Please spend the $250.00 to have an attorney review the contract. In the big picture, $250.00 is a small amount compared to the price of the home and the potential nightmare once you sign the contract and discover a scam.

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Mike Payne, a Realtor with Horizon Realty, specializes in providing Rent to own Florida Home || Florida Rent to Own Homes.

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