A property lease option is a legally binding agreement/contract taken over a property that gives the option holder the right to buy, sell or rent the property at any time during the agreed period for the agreed price. During the agreed period the option holder will pay an agreed fixed amount of money every month for the right to control that property asset.
Given the current climate, property lease option is a very versatile and flexible tool. As a strategy it gives you the freedom to exercise the option you have on the property or to walk away.
In a nutshell, a property lease option is a legally binding agreement. As an investor, you take over control of the property, giving you the right to buy, rent out, live in, or sell the property. We agree a timescale that the investor has as the option – this could be five, ten or even twenty years, and we also agree on the price.
During the agreed period the option holder can pay the agreed fixed amount – essentially babysitting the mortgage. As a result they have the right to control the property in any way they see fit.
It’s great if you simply want to dip your toe into the market, without the exposure to the current difficult economical climate we are in.
Julie Hanson interviews Mark Jackson and Wendy Patton from Lease Options Made Simple. She asked them why their forthcoming event will be different. They also discuss mistakes theyve made in their career.