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When a landlord borrows money to finance the property, the lender needs adequate collateral in order to lend to the landlord who wants to buy the property. If the landlord has a committed lessee who has an outstanding record of timely payment, then the lender is willing to accept the tenant's commitment to pay the lease payments to the landlord ...
Should the tenant/buyer be unable to purchase the house due to a lack of financing, the tenant and landlord can agree to extend the option period, convert the lease purchase contract into a traditional rental agreement, or end the contract with the tenant moving out and the landlord seeking other renters or buyers. [4]
The option gives the tenant the right (but not the obligation) to purchase the property at a later date. The lease option only binds the seller to sell, it does not bind the buyer to buy. That makes it a "unilateral" or one-way agreement. In contrast, a lease-purchase is a bilateral, or two-way, agreement. The basic elements of a lease-option ...
It is used in a variety of countries for commercial and residential transactions. [2] [3] [4] It is a document often completed, but at least signed, by a tenant used in their landlord's proposed transaction with a third party. A mortgage lender intending to collateralize a tenant-occupied property or a purchaser intending to purchase such a ...
For a commercial tenancy of more than a year, the new tenancy is year to year; otherwise, the tenancy lasts for the same length of time as the duration under the original lease. In either case, the landlord can charge a higher rent, if the landlord, before the expiration of the original lease, has notified the tenant of the increase.
Renters, have you ever lived in a rental with the kind of refrigerator that could only fit a pint of milk and an apple? Ever dreamed of a top-load washing machine that didn't shred your favorite T ...
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
Commercial real estate has beaten the stock market for 25 years — here's how savvy investors can become the landlord of Walmart, Whole Foods or Kroger Car insurance premiums in America are ...
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