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What is a Lease Purchase? A tenant and landlord enter into a written agreement that, at some point in the future, the tenant has an option to purchase the home they are renting. The terms of the agreement can vary a lot, with or without a set price at the time the option is exercised. The agreement could set the price at the appraised value at the time of the purchase, or another agreed-upon valuation method. Do Rents Apply Toward the Down Payment?: With all of the terms of the lease purchase being negotiable, this one also isn't set in stone. The parties can agree to a portion of rents going toward the down payment, but it isn't required. Of course, this would mean a higher rent amount, so the tenant may not want this option any more than the landlord. Some buyers might want it as a method of forced savings for down payments. Are There Up-front Payments Required?: Generally, the seller will want the tenant to give them a non-refundable payment to "purchase" the option to buy the property at the specified time. This is the "option" payment, and can be any amount. It is also payment to the owner for "locking in" the tenant's option to purchase, even if the landlord later wishes they hadn't. Go to our web page to see if you qualify http://www.idahobidders.com/lease-purchase.php Thanks Brad Oliver Century 21 1st Place Realty 208-947-4659 http://IdahoBidders.com