Lease Option Program

 

 

Fidelity Property Group has a lease option program  available to renters who would like to own their  home but are currently unable to obtain traditional financing.  Our lease option gives the renter the right  to purchase their  home at a specified price with the flexibility to opt out of the purchase if their circumstances should change.

 

The option amount  is based on the purchase price of the home with a minimum option payment of $2000.00.  This payment gives the tenant the exclusive right to purchase their home for one year at a guaranteed  price.

 

The option fee is nonrefundable .  However, an agreed upon portion of the monthly rental payment is  applied toward the purchase price when the tenant exercises the option and purchases their home.

 

If you are interested in taking advantage of this program please email Gerald@fidelityhousing.com.

Basics of a Lease Option

 

· Buyer pays the seller option money for the right to later purchase the property. The lease option money may be substantial.

 

 

· Buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the lease option.

 

 

· During the term of the lease option, the buyer agrees to lease the property from the seller for a predetermined rental amount.

 

 

· The term of the lease option agreement is negotiable, but the common length is generally from one year to three years.

 

 

· The option money generally does not apply toward the down payment.

 

 

· A portion of the monthly rental payment typically applies toward the purchase price.

 

 

· Option money is rarely refundable.

 

 

· Nobody else can buy the property during the lease option period.

 

 

· The buyer generally cannot assign the lease option without seller approval.

 

 

· If the buyer does not exercise the lease option and purchase the property at the end of the lease option, the option expires.

 

 

· The buyer is not obligated to buy the property