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Frequently asked questions
A lease purchase is an agreement between the seller, (the homeowner), and the buyer, (the tenant/buyer). All terms are negotiated and agreed upon in advance. The homeowner receives nonrefundable money upfront; a top of the market rent; and a top of the market selling price. Your tenant/buyer can purchase the property at any time during the lease, which is usually 12 months. During that time the tenant/buyer is responsible for all maintenance and repairs. When the option to purchase is exercised the sale proceeds like a typical purchase and sale agreement, with two noteworthy exceptions: there is no Realtor involved, saving the homeowner a substantial amount of money, and most agreements make the purchaser responsible for the bulk of closing costs, further saving the seller money.
Some of the many benefits include:
1) No haggling over dimes and dollars. Top of the market selling price, even in a buyer’s market.
2) No Realtor’s commissions.
3) Rental income every month.
4) The majority of the closing costs are paid by the buyer.
5) Tenant/Buyers rather than tenants. They treat the property as if it’s theirs because one day it will be.
6) Large, available market of tenant/buyers at all times.
7) No Tenants and Toilets. The majority of repairs and maintenance are the responsibility of the tenant/buyer.
8) You retain title and tax benefits until title is transferred at closing.
That’s a function of marketing and pricing. Price your house correctly, get the word out effectively, and the tenant/buyers will contact you.
Easier? Certainly. But the cost of sitting on your hands while a Realtor lists your house is an expensive luxury. Review the comparison chart on our home page.
You decide. Typically, it’s a 12 month lease. But the tenant/buyer can exercise their option to purchase at any time during the lease. If it suits you, a longer time frame is possible and, in many deals, preferable.
The same as if you were selling your house in a traditional manner. At your attorney’s office or a title company. They handle all the details.
That’s a possibility. Life happens. . .divorce, job loss, illness. . .your tenant/buyers can’t get financed. If this happens, you have choices, you’re in control. Do your tenant/buyers need some additional time to close the deal? Have they paid the rent on time and maintained the property? If so, extend them a few months. . .additional rental income!
If your tenant/buyers are unable or unwilling to purchase your property we’ll be happy to assist you set up another lease purchase with new tenant/buyers. Perhaps the rental market has tightened and you can increase the rent. Or your house has appreciated and you can increase the purchase price. Again, you have choices, you’re in control.
We’re easy to reach.
Call or text us at (304) 896-9530, or via email to admin@lyonforcellc.com. You can also use the submission form found here.
No Hassles, No Negotiations, No Commissions!
Discover a Smarter Way to Sell Your Home!
With our Lease Purchase Advantage, you get to keep more of your home’s value by avoiding unnecessary costs and delays. Enjoy a smooth, efficient selling process that puts more money in your pocket.