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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"REDUCED AGAIN 12-18-14!! BEAUTIFUL, CLEAN, & UPGRADED 2 Bed 2 Bath w/GARAGE! GREAT home for the money: NEW 2-Tone Paint, Plush Carpet, Counter Tops (some Granite), AND Flooring THROUGHOUT !! Stacked Wash/Dry & Fridge included!! EZ qualify/See Agt Remarks."
"Price at $110K is for a Cash Sale of the Home. Terms for SELLER FINANCING TERMS ARE AS FOLLOWS: $125K purchase price on a 40 year note - monthly payments at $749/month and Down payment $4,900. No prepayment penalties. Home needs work, please view the home prior to submitting offers. Home is being sold in As-Is condition. Call Agent with any questions."
"Wonderful Rambler with a basement! Granite in Kitchen, updates throughout. Close to freeways, shopping, Hill Air-force. Don't miss out on the square footage for the price! Square footage figures are provided as a courtesy estimate only and were obtained from county records. Buyer is advised to obtain an independent measurement."
"New carpet and paint. Great end-unit town home in nice, quiet setting with extra light from side window. Has enclosed patio, covered parking for 2 cars and attached storage shed. Convenient to I-15, US-89, Legacy, and Frontrunner. Will consider lease option. Square footage figures are provided as a courtesy estimate only and were obtained from county records. Buyer is advised to obtain an independent measurement."
"Have you ever thought about owning your own house, but felt like you couldn't afford it. Well, this is your opportunity. The home features a very comfortable layout with 3 generously sized bedrooms and a full size bath that will accommodate your growing family. A welcoming family room with a wood burning fireplace to warm you up on those cold winter months that are coming up shortly. Original hardwood floors that bring out the beauty of the home, along with modern convenience such as a new water"
"Investors allowed - unit has been approved by HOA to be in rental pool. Awesome townhome! Professionally designed. New paint & flooring. Walk-in pantry. New master suite with granite, double sinks plus separate tub & shower. Large closets. Cute outdoor patio upstairs & down. Reverse osmosis system. Square footage figures are provided as a courtesy estimate only. Buyer is advised to obtain an independent measurement. Investors ok - unit can be rented."
"Buyer couldn't get financing! We have Bankruptcy Court approval at the current list price and can close quickly. Make Offer Today! You can't get any of the new ones for this price with a finished basement! Gorgeous townhome in the heart of Bountiful! This one has all the upgrades: Hardwood Floor, Granite Counters, Kitchen Island, Fully-Finished Basement. All bedrooms are on the same floor! Great Access to shopping and freeways. Minutes to the University of Utah and downtown SLC. Agent related t"
"EZ access to I-15 and Legacy Highway. Lovely Woods Cross home move in ready. Fenced yard. Updated bathroom countertops. Fresh paint. 100% wood front door. New blinds. Real hardwood flooring. Oversized efficient air conditioning unit. New water heater. Close to parks, and walking trails."
"New offer -$500 paint allowance to make home your own!+ Brand NEW CARPET throughout, Brand NEW AC & FURNACE. Large 'flex' room has closet and could be possible 5th bedroom (or use as office/exercise/craft etc!). 2yr old roof, beautiful slate tile floors, gas fireplace with built-in shelving."
"Fully Finished Home in New South Weber Neighborhood! 2yrs old with a completed basement, you can't build this house with an unfinished basement for this price. 4 bedrooms, 3 bathrooms. Master suite with large walk-in closet and separate tub and shower. Granite countertops and beautiful hardwood flooring. Great location in a quiet South Weber neighborhood, close to schools and parks."
"WHAT A GREAT FIND NOW! ALL NEW PAINT, FLOORS & NOW NEW GRANITE COUNTERTOPS * CUSTOM BUILT HIGH ON BOUNTIFUL EAST BENCH W FOREVER LAKE AND SUNSET VIEWS * PROTECT YOUR FAMILY & BREATH CLEAR AIR THIS WINTER SINCE YOU CAN AVOID WINTER INVERSIONS WHEN YOU'RE HIGHER LIKE THIS HOME! ALSO, THERE ARE HIKING & BIKING TRAILS NEARBY THAT ARE EVEN HIGHER & ALWAYS ABOVE THE EVER INCREASING STINKY WINTER INVERSIONS! BIG PRIVATE YARD * SPACIOUS OPEN FLOOR PLAN * ALL NEW STAINLESS APPLIANCES *"
"Seller is making a job transfer and needs sold today. Exclusive Bountiful bench location with Swiss-Tudor charm. Beautiful mature landscaping includes large pines, fruit trees, shrubs, flowers, garden space, and Koi pond with Lilly pads and stream. Inside is very well cared for with tons of room, many updates include: new flooring, paint, 5 year old HVAC, brand new low E windows, as well as insulation added in attic. Basement has full living quarters with storage, kitchen, bath, and 2 bedrooms"
"Gorgeous Rambler sitting in the Mountain Views States community. Exterior stone wall entry, full landscaping with curb appeal front and back yard, stamp concrete cement patio enclose with vinyl fence. RV parking space available. Inside you will find it very appealing open floor plan, plantation shutters, open space kitchen, cozy fire place. Buyer and buyer agent to verify all information and Sq. Ft. Lease Option...$1540 Monthly."
"BEAUTIFUL 2 STORY HOME IN A GREAT AREA OF LAYTON CLOSE TO SCHOOLS AND SHOPPING. 4 BEDROOMS ON THE 2 LEVEL WITH LAUNDRY. WITH IN WALKING DISTANCE OF JR HIGH AND ELEMENTARY. OPEN FLOOR PLAN WITH ROOM TO GROW EASY TO SHOW"
"BETTER THAN BRAND NEW!!! This beautiful 6 bedroom 3.5 bath Ivory built home is less than a year old and was only lived in for 8 months. It is the Clairemont floor plan, same as the model home in the Greyhawk development. All the window coverings have been taken care of, there is a top of the line water softener already installed and the major landscaping is done for you, there are two separate patios, one even has a fire pit! There is also a 500sqft basketball in the backyard. It has gorgeous vi"
"Wonderful home in one of the most desirable neighborhoods in North Salt lake. This home has it all, fully landscaped, hardwood floors, granite counter tops and huge master bath with walk in closet. It is right around the corner from Eaglewood golf course and is walking distance from the club house and many more amenities. This home will not disappoint. You will regret not looking at this home."
"**PRICE REDUCED** GORGEOUS PARADE OF HOMES 2000!! ** FIRE PLACE IN THE FORMAL DINING AREA CREATES AN AMAZING ATMOSPHERE **LARGE BEDROOMS **LARGE OFFICE**3 CAR GARAGE**LARGEST LOT IN KAYSCREEK**PRIVATE BACK YEARD W/COVERED AREA FOR EATING/RELAXING**NEW SOLAR HEATED WATER TO CUT DOWN UTILITY EXPENSE($18,000 VALUE)**TOP RATED SCHOOLS WITHIN WALKING DISDANCE**PARKS AND WALKING PATHS MAKE THIS COMMUNITY FUN, WARM, AND FRIENDLY THAT EVERYONE WANTS TO BE A PART OF**COME SEE AND LIVE IN THIS HOME LOCATE"
"Fantastic price per square foot!! Great Character and Charm can be found throughout this one of a kind home. Nestled in the heart of Bountiful enjoy the breathtaking views of the mountains or hike the nearby trails. This great family home comes with 7 bedrooms, 4 bathrooms, a beautiful updated and remodeled kitchen, cherry wood cabinets, granite counter tops, lots of storage, main level laundry, 2 family rooms, 4 fireplaces including one in the master bedroom, .24 acres of mature trees, multiple"
"Fabulous twin home located in the prestigious Eaglewood Estates (PUD). Nestled in the North Salt Lake foothills with gorgeous mountain & valley views. When purchased new every upgrade possible was put into this condo. High end upgrades with top quality! 10' ceilings and huge picture windows gives this home a spacious & open feeling bringing in lots of natural sunlight. Entrance to upstairs is either by stairs or personalized custom elevator. Vaulted ceilings, huge picture windows, hardwo"
"Wonderful Syracuse property with plenty of space! Could be the perfect place for a home office, daycare, church or other unique home business opportunity. Nicely updated with four bedrooms and three and half baths. Spacious master suite with its own private patio. Attached 2-car garage plus additional detached 2-car garage. There is an additional 5262 finished SF (not included in listing SF!) in the detached garage including indoor basketball court, theater room, second kitchen, rec room and mor"
"$90,000 price reduction!!! $2,000 agent bonus if sold by 12/25/14. This is a beautiful home with evan better views. High end finishes throughout, theater room, indoor slide for the kids! It is a 2-car garage but has an Eagle Glo car lift giving you the ability to get 3-vehicles in this garage."
"***BUYER CHRISTMAS INCENTIVE***BIG SCREEN TV WITH ANY ACCEPTABLE OFFER BEFORE CHRISTMAS!!!***BEAUTIFUL CUSTOM EAST LAYTON HOME*AMAZING VIEWS*FORMAL LIVING & DINING ROOMS*EXERCISE ROOM*PRIVATE BACKYARD*UNBELIEVABLE POOL WITH SEPARATE QUARTERS THAT HAS A KITCHEN, DINING AREA, CHANGING ROOM & BATHROOM*SPORT COURT*SAND VOLLEYBALL*PLAYGROUND*FIRE PIT*SIDE HEATED DRIVEWAY*8 CAR GARAGE*STORAGE SHEDS FOR LAWN & POOL EQUIPMENT*INCREDIBLE AMOUNT OF RV PARKING AND STORAGE*"