BTW, for those who may be wondering what the difference is, a Lease Purchase states you will definitely buy the property, and an Option says you may or may not (bounds the Seller, but doesn't bound the Buyer). I've never seen a Lease Purchase Agreement that didn't contain a way to back out (weasel clause), which for all intents and purposes turns a Lease Purchase into a Lease Option. I use a Lease Option, but I always call it Lease Purchase around various professionals (real estate agents, bankers, mortgage brokers), because that's what they call it, and we should mimic the lingo of those we are around.
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Conti and Finkel have a couple of decent books.
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BTW, for those who may be wondering what the difference is, a Lease Purchase states you will definitely buy the property, and an Option says you may or may not (bounds the Seller, but doesn't bound the Buyer). I've never seen a Lease Purchase Agreement that didn't contain a way to back out (weasel clause), which for all intents and purposes turns a Lease Purchase into a Lease Option. I use a Lease Option, but I always call it Lease Purchase around various professionals (real estate agents, bankers, mortgage brokers), because that's what they call it, and we should mimic the lingo of those we are around.
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