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My Purchase Lease Option Deals
Manage episode 406221590 series 3504934
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In today's podcast, Mark speaks about his Purchase Lease Options.
A Purchase Lease Option is a real estate agreement in which you purchase a property now but defer payment for a specified number of years. During this period, you pay a monthly fee that both parties have agreed upon. The best part of this agreement is that if you decide not to buy the property at the end of the contract, you are not obligated to do so.
Mark provides an example and highlights the significant advantage of this option. The monthly payments that you make will be deducted from the end price of the property. Furthermore, you both lock in a price at the beginning, so if the value of the property increases in the next 2-3 years, you will benefit from the capital gain, even though you have not paid for the property in full yet.
However this is not with all deals, this is an extra that the landlord agrees on so make sure they are a motivated seller.
There are always costs involved, and Mark stresses the importance of doing things correctly. He advises against using a contract that you find online and instead recommends setting aside some money for a solicitor to tailor the terms and conditions to the specific deal.
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