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You must have
amount of
sales price on
contract.
The contract must be signed by all
parties involved, or it won't be enforceable.
Keep in mind that minors, drugged persons, mentally unfit etc, cannot sign any contracts. Make sure that all
parties involved are competent.
Make sure all parties know
essential details, rights and obligations that are stated in
contract.
What exactly is a lease purchase contract?
Lease purchase contracts combine
basic lease contract with
option to purchase and, during or at
end of
lease period, it gives
tenant/buyer exclusive right to buy
home under
terms to which both parties agree in
contract. But first,
tenant/buyer have to pay
landlord/seller a non-refundable option deposit that is applied to
purchase price of
home. Then,
tenant/buyer pays a sum that is typical to
rental amount and usually, it is done on a monthly basis. A portion of that monthly payment is applied to
purchase price of
home.
