- Lease-Purchase agreements are regulated by state law or in some instances a state agency.
- Lease-Purchase agreements are Executory Contracts.
- Lease-Purchase agreements are NOT just rental contracts followed by sales contracts.
- If the seller has any mortgage or encumbrance he/she must be certain that the proposed Lease-Purchase does not violate the terms and conditions of the pre-existing loan/mortgage. For example: a "Due On Sale" clause.
- In many states, if any part of the discussion that led to this Lease-Purchase proposal was in a language other than English, then ALL of the required documents must be in the same language.
We ARE NOT attorney's and encourage you to seek legal counsel in order to make an informed decision.
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