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.
HINT: Click house icons above for more information.
"Great rambler in East Layton. Magnificent view of the valley from the living room and the back deck. Upstairs has 3 bedroom and 2 baths, a sunny remodeled kitchen, front room with fireplace. Downstairs has a bedroom, bath, large family room, a second family room and dry bar. Alarm system has two security cameras, DVR recorder, carbon monoxide and fire alarm that alerts the fire department. The back yard is fenced. There is a large deck off of the kitchen and a above the ground swimming pool. Located close to the Layton Christian Academy. Home Warranty included. Lease option to buy available."
" Fabulous two-story sits on a spectacular 2.61 acre view lot in one of E. Layton's premier subdivisions! Set back from the cul-de sac, it boasts a semi-circular drive with stamped concrete and massive rock waterfall feature. Vaulted entry opens to formal living and dining rooms. Spacious kitchen has custom cabinetry and quartz counters. Huge great room with soaring ceiling and large windows to accentuate the view of lake and valley below. Main floor master suite is massive,with see-through FP, his & hers vanities, jetted tub & sep. shower, and over-sized walk-in closet. Bsmt MIL affords privacy for guests or family members. One-owner custom home has many energy efficient features and in-floor heating for comfort year round! Large deck runs the length of the home and is perfect for entertaining and enjoying the private, beautifully landscaped back yard, and lake views. Enjoy deer, hawks, foxes and wildlife in woods behind this incredible home! *TO VIEW THE FULL MOTION VIDEO TOUR CLICK ON THE TOUR BUTTON*"