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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"New carpet, fresh exterior paint, landscaped & fenced yard with garage, shop, storage sheds, and RV/carport parking...wow! Low HOA fees, playground, and your own land. This is a great opportunity for self-occupying or investment purpose (rentals are acceptable in this community). 2 bedrooms, 2 bathrooms, double-pane windows, recently serviced HVAC and furnace motor is 2 years old. Cute home! Current mortgage is *qualified assumption*"
"SALE FAILED 8-21-2015. NOW Back on Market w/Inspection COMPLETE & Repairs DONE!! Move-In-READY!! BEAUTIFUL--CLEAN--UPGRADED 2 Bd/Ba w/GARAGE! GREAT Home & Neighborhood w/Nice Setting! NEW: 2-Tone Paint--Carpet--Counter Tops(some Granite)--Flooring!! Close to HAFB--Fish-Duck Pond close-Quiet!"
"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."
"Cute rambler home with large fenced yard conveniently located near all amenities including hospital, shopping, schools, freeway access, and Hill Air Force Base. New floor covering and fresh paint. Nice floor plan with room to grow in basement including plumbing for 2nd bath. Easy to show. Seller shall put in a sprinkler system upon closing with acceptable offer."
"THIS HOUSE HAS BEEN TOTALY REMODELED! AWESOME location near HAFB, located on quite street, close to park, and near the golf course. New granite countertops in the kitchen, beautiful new wood floors. granite in both upstairs bathrooms. New stainless steel appliances. New carpet. New laminate flooring. New deck. Central air. Two wood-burning fireplaces. Owner/agent."
"Great new community on the golf course with club house amenities! This home makes time for R&R & fun. One level living w'Full yard maintenance and many interior upgrades. Granite countertop, gas stove, textured walls, popular flooring. Open floor plan w'plenty of storage room. Plenty of room for entertaining. Fenced yard. No Backdoor neighbors. Enjoy 137 acres of open space and a manicured golf course adjacent to the community. HOA dues include yard maintenance (front and back) common"
"This Rambler was totally remodeled. Roof,windows,A/C,Garage door and opener,paint,carpet,tile,sinks,lighting,bathrooms,kitchen,. Wood floors all refinished it is ready to go. This should quickly so don't wait. Property is key box."
"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."
"$50,000 PRICE REDUCTION! INCREDIBLE VALUE!!! WON'T LAST AT THIS PRICE! 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 perso"
"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 "