A lease with an option to buy is just like it sounds. It is a lease agreement, rental agreement, or whatever you want where the tenant has the 'option' to buy the home after a designated period time.
Lease options in Utah include 'option money' - a non-refundable payment put in a trust account that will be returned to the tenant if they buy the house or given to the seller if they don't exercise the option. They also include a security deposit that will be completely refunded if the house is purchased, or left to the sellers discretion if the option is not exercised.
A portion of the rent in lease options can also be applied towards the down payment if the option is exercised. If it isn't exercised, then the landlord just keeps that money as the normal rent.
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"Great updated end-unit condo centrally located in Bountiful. Close to shopping, dining, schools and freeway. Enjoy the remodeled kitchen and spa-like bathroom. One of the few units with a W/D. Secure building with elevator. Information deemed reliable but buyer and buyers agent to verify all."
"*Price Reduced* This Rambler has been completely remodeled. Roof, windows, A/C, Garage door and opener, paint, carpet, tile, sinks, lighting, bathrooms, kitchen all new. Wood floors are refinished it is ready to go. This should quickly so don't wait. Property is key box."
"Price reduced, Better than a model w more upgrades, GE stainless appliance package, plantation shutters, over 10 foot quartz kitchen counter top, upgraded carpet and flooring, beautiful and open loft style floor plan with convenient main level master. Owner is agent."
"Gorgeous views of the sunsets and valley along with the peace of the mountain living. Perfectly located in a quiet cul-de-sac. Home has space for all your needs plus high ceilings, large bedrooms, big laundry room with sink, folding counter, hanging rods, and tons of cabinets. Remarkable kitchen with pull-out drawers everywhere. It's almost like this home is brand new it's so clean."
"Tastefully remodeled with a high end finish and full of large flexible space to meet every families lifestyle plus full of entertainment with a sports court, theater room 2 master suites and 2 bedrooms with adjoining Jack and Jill, multiple walk in closets, sunken great room off the Grande sized kitchen incl. appliances huge island bar granite counters and knotty alder cabinets, 2 add'l kitchens total of 3 plus a kitchenette, 2 car garage plus a separate 8 car garage commercial garage doors and "