This is Part II to A Lease Purchase/Option to purchase agreements.
Before you get started, it's best to discuss the legalities of these contracts with a real estate attorney. Even though you may have secured real estate representation, keep in mind, real estate agents are not attorneys and cannot provide legal advice.
Take some time to do some research on the property to make sure there are no underlying loans or encumbrances on the home you intend to purchase. You can do the research at the Pima County Assessors office or, if you have an attorney, they can do this for you.
The next step is decide on lease purchase or lease option and move forward with the necessary documents.
When you are close fulfilling the term of the agreement through a purchase, you will need to do your due diligence, just as if you on a regular home purchase, that includes things such as:
- A home inspection.
- Read the title policy.
- An appraisal.
- Reading the seller and buyer disclosures.
- Though not always required, it's a good idea to get pest inspections, roof inspections, review home warranty options, pool inspections, etc.
- Securing your financing at least 60 days BEFORE the expiration of the contract.
Make sure to work with an experienced real estate agent who can help you through these and other steps to ensure a smooth transaction!
Here's to happily buying your first Tucson home!
Gabrielle (Kamahele) Rhind - 2009. If you want to reprint parts of this - just email me for my permission rhindohana@msn.com. Buying or selling Tucson Arizona Real Estate? Click info@gabriellerhind.com and let me know how I can help you! Or visit www.BuyMyTucsonHome.com.
If you'd like more info about Mt. Lemmon homes, Tucson bank owned homes, Tucson lease option to purchase homes, Tucson rental homes, buying or seling your Tucson home or the Tucson real estate market or real estate news, email or call me at (520) 245.0242.
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