What Are the Various Aspects That Should Be Discussed in Lease Purchase Agreements?
A lease purchase is basically an arrangement in the real estate circles where the owner of the property and the interested client get into an ordinary lease agreement. The point here to note is that the person who wishes to use the property (or lessee) will have the option to purchase the property upon the expiry of the lease. Of all the purchase options, lease purchases are gaining a lot of popularity these days. Similar to other real estate contracts,these purchases has to be written in a form. This form is popular known as lease purchase agreements. It is written by a lawyers retained by the owner of the property and the lessee to legally monitor the transactions. A good lease agreement should have a number of features including:- It should be fair for both the parties. There should be absolutely no bias involved in case of these purchases. Majority of the these purchases that you will come across will have bias towards one party. Sometimes the bias becomes way too much and creates
