Many years ago I sold my own house in the late 80's market by a lease purchase. It was a tough market with the savings and loan crisis. The idea is to get a deposit on the purchase up front and lease payments, basically rent over a period. In many cases some rent will be applied to the purchase price.
The reasons for a renter/buyer to do a lease purchase is to build equity and have more time to save a down payment. Many times it is a period to repair credit score. It works under the right circumstance and is a good tool. Lately, I have been asked by renter/buyers about it. I am starting to do these arrangements again. Unlike a lease option to buy, this is really a delayed purchase. Rent options do not have to be performed on by the renter/buyer. A lease purchase requires the lessee to purchase or forfeit their deposit and rent credits.
I have available new townhomes which we are appling the concept. They are in Upper Saddle River.
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