| Everyone dream to live in their own home but buying a | | | | payment towards the final purchase price of the |
| home is not possible for everyone. Buying a home | | | | home. Option fee is also mentioned in the contract. |
| needs money and arrangement of money to buy a | | | | According to a lease purchase agreement, the buyer |
| home is not possible for everyone. There may be | | | | is also required to buy the house at the time of |
| many reasons behind the inability of many people to | | | | contract expiry. You will not get your money back if |
| arrange fund for buying a house such as bad credit, | | | | you do not purchase the house you are living in |
| low income and non acceptance of loan application by | | | | because the down payment is always non refundable |
| the bank. If you cannot arrange fund to buy a home of | | | | in lease purchase deals whether you plan to buy the |
| your choice then tomorrow cost of the same home | | | | house at the time of contract expiry or look for any |
| may be more than what it is today so if you wish to | | | | other better choice. If the buyer has insufficient fund at |
| own a home then you should find a way today to | | | | the time of contract expiry to buy the house then the |
| secure your home. | | | | lease period can also be extended if the seller also |
| A lease purchase agreement is a good solution for all | | | | agrees with it. So the buyers should decide the lease |
| those people who wish to own a home but do not | | | | period only after carefully inspecting their financial |
| have enough money to buy a home. The concept of | | | | strength. |
| lease purchase deals is, reserve your home now and | | | | Lease purchase agreement is one of innovative way |
| pay later. It is a type of contract between the seller | | | | in the real estate market to secure your home today |
| and the buyer in which the seller allows the buyer to | | | | and pay later. So those people who wish to own a |
| live in his home for a fixed period of time and for fixed | | | | home but do not have sufficient fund at present should |
| option fee. Fixed period of time may vary from 1 year | | | | inspect their financial strength and if they find |
| to 3 years and fixed option fee may vary from 2.5% | | | | themselves as a qualified tenant who can become a |
| to 7% of the total cost of home. Fixed option fee may | | | | buyer later then they should try to secure a home |
| be negotiated at the agreement. The option fee that | | | | good for them and their family. |
| the buyer pays to the seller is considered as the down | | | | |