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Mammoth CA Lease Options to Buy |
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How do Mammoth CA lease options work and what are the benefits?A Mammoth CA lease option is an arrangement with you and a seller to exercise the option to buy a Mammoth CA home after you have rented it for a specific period. A portion of your rent would applied toward the purchase if the option is exercised. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement for the Mammoth CA home is in effect, a copy of which must be attached to the loan application.
If you are a seller, Mammoth CA lease options can give you several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the renter is more likely to treat the Mammoth CA property like an owner, tax-free use of option consideration until the option expires or is exercised.
Read any Mammoth CA lease-option arrangement carefully for details on transferring the option and other important concerns.
For more information, get a copy of "How Lease- Options Benefit Realty Buyers, Sellers, Agents and Investors," available for $4 from Tribune Media Services, 64 E. Concord St., Orlando, FL 32801.
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