The Residential lease option
What is a lease option and why would anyone consider doing a lease option in this market. The basic word ‘option’ means, give the right to do sometime in the future for something of value now. In real estate the option to lease a property now so as to have the right to buy later at a set agree price or terms, is a way for a buyer to get a property today. A possible reason would be that the buyer could get a loan or just that the buyer is not sure what they want to do in the future and does not want to lock themselves into the property now but wants the right to do so in the future.
Rent to own, or lease options, have many advantages to both the buyer and seller. For the buyer, it is a chance to work towards home ownership while building or repairing their credit. For the seller, they find a buyer who will invest and care for the property and treat it as their own.
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For the owner of the property, it gives them a value up front and if the buyer does not want the property for the set terms, the owner still owns the property.
An option to purchase gives the tenant the right, but not the obligation, to purchase the property at some future date, at a preset price. The tenant may elect the option, at a time during the lease, or limited to some more specific time. If a lease contains an option to purchase, it will usually be enforceable exactly according to its terms
As always there are negatives and positives for both the buyer and the seller. It comes down to how the contract is structured. So, never sign a contract without having it review by your attorney.
There are a number of ways to find an owner who may be willing to do a lease option. Below is a list of several possible areas to look:
Find homes that aren’t selling. That property owner may be a potential for doing a lease option.
MLS rentals. Search your MLS to identify rental properties and contact a local agent. See if the property owners would be receptive to a rent to own situation. Be sure the agent can explain the benefits of rent to own or lease option for both the buyer and the seller.
MLS expired listings – Your agent can contact listing that were trying to sell but didn’t. These property owners could be very interest in a lease to own alternative..
Properties that are for rent, you could contact the current owners and ask if they would be interested in a rent to own situation.
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Again never do this without a real estate professional or an attorney’s guidance.

An alternative to a lease option could be written to give the tenant the first of refusal. In this way if an owner/landlord ever decides to sell. With a right of first refusal it gives the tenant the right to match any offer receive and are willing to accept from another buyer.
Options are use both in the residential and in the commercial real estate market
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Once a lease has been signed by both parties it is legally binding on them both. A lease does not need to notarized to be valid
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