Dyer Land Title can assist you in effectuating a variety of real estate purchase arrangements.
An option is the right to later purchase property during a specified period of time. If an option is not exercised during the established period then the option expires. Option money is rarely ever refunded. If you are looking to enter into an option arrangement for the purchase of property we can assist you in the drafting of an agreement.
A lease option agreement is similar to an option agreement. In a lease option agreement, the lease of property occurs with an option to purchase the property during the term of the lease agreement. There is no obligation to purchase the property, however, if the option to purchase is not exercised then it expires. Whether or not any of the option money is applied toward the down payment or purchase price will depend upon the agreement of the parties.
A lease-purchase arrangement is another variation of a lease option agreement. Under a lease-purchase agreement though, it is expected that the buyer will purchase the property, with cash or lender financing, within a specified period of time. Whether any of the option money is applied to the down payment or purchase price of a property will depend upon the nature of the agreement between the parties.
If you are considering a lease-purchase sale arrangement or option agreement Dyer Land Title is here to help.