In the current real estate scenario, buying a property for oneself is really easy. In fact, the rates have drastically hit the rock bottom. The present economic crisis has created one of the worst scenarios in real estate business. There are so many properties that are available for sale, but not many are qualified to buy them.
When a person has no clear financial history, he cannot own a property or even mortgage one. Even though people apply for bank loans to purchase houses or any other property in that case, the loans don't get sanctioned. This is a very pathetic situation. For people who are in such financial crisis, or who did not get their loan sanctioned, there is just one option left.
Lease purchase agreement suits all the non qualifying buyers to own a property for them. This option has come as a boon to all the buyers who could not think of arranging immediate cash for purchasing a home. Lease purchase agreement places a balance between both the tenant and the owner. This ensures harmony between them.
While there are too many properties on the market and not enough buyers, lease purchase agreement is definitely a good thing that has happened to them. Now they are provided with the opportunity of buying a home sweet home for them. The easy going nature of the lease purchase agreement enables the tenant to arrange for the required amount of money by the end of the lease period. The lease period may range from about two years to three years. Again, it is solely dependent on the owner of the house.
Also, the owner has so many advantages. In this current economic crisis, when the owner feels the need of money immediately, he cannot sell it right away and face a loss. Instead, the owner can lease his house and get some immediate cash for his urgency and then later on get the remaining amount of the money at the expiry of the lease purchase agreement.
In order to ensure that both the parties experience the fruits of lease purchase agreement, it is necessary to sit down and plan the things that are going to appear on the agreement. When both of them mutually agree, they can sign the document and both of them are safe in their own way. Also, since it is purely legal, there are not many problems that can arise from such agreements. A high quality lease purchase agreement can do wonders to both the parties and also the relationship between the buyer and seller is strengthened.
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