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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"Rambler with walkout basement nestled among mature trees in the beautiful Mueller Park Canyon. Close to hiking and mountain biking and only 45 mins to 11 different ski resorts. Private sports court and recessed trampoline make it a fun yard for the family. Motivated sellers. WILL DO LEASE OPTION OR RENT"
"OPEN HOUSE SATURDAY JULY 12th 1-4 PM!!! Beautiful East Layton home with custom features sure to be enjoyed! Large kitchen with ALDER cabinets, complete with pull-out shelving plus upgraded appliances, new granite countertops just installed! Rooms freshly painted since tour pictures. Wonderful deck for entertaining....with hot tub! Spacious recreation room in basement. Check out the oversized finished garage with epoxy floor, shop area & basement entrance. Possible second kitchen. Great "
"This Rambler is one of a kind. Right on the Clearfield-Layton border. Close to all shopping,I-15 and HAFB. Located in a beautiful neighborhood. Newly redone basement with built in cabinets ,kitchen and surround sound. Beautiful faux painting and updates. This house has the WOW factor."
"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"
"This Rambler was totally remodeled. Roof,windows,A/C,Garage doors & opener,paint,carpet,tile,sinks,lighting,bathrooms,kitchen,. Wood floors all refinished it is ready to go. This should quickly so don't wait. No sign or key box on property"
"INCLUDES TWO HOMES!! This Price includes 2 beautiful updated homes sitting on a private 2.29 acre lot. Live in one house, let the second help subsidize your monthly income. Both homes are beautiful inside and out. Alot of room for family parties, or enjoy the quite trees in the yard. A MUST SEE!"
"Wonderful family home in a nice cul-de-sac. Nicely finished and updated. Close to schools, shopping, restaurants and more. Easy access to I-15 and Hwy 89. Square footage figures are provided as a courtesy estimate only and were obtained from county records.Buyer to verify all.Agent related to seller"
"This is a nice home in Layton, close to the Kaysville border. Low maintenance home with tile and bamboo floors. Bedrooms have new carpet. Ac and Furnace are new in 2013. Large living spaces! Kitchen has updated cabinets and countertops. Sliding door onto a deck so you can enjoy the view of the mountains. There are two refrigerators in the home, one will be excluded. Large garden space. Fully fenced yard. !"
"Cute, cute, cute ranch house perfect for the first time home buyer and available for the Davis County Grant program. This home has that old fashioned feel and charm. This Home is close to shopping, schools etc. Rooms are very spacious as well as the kitchen. Seller is motivated and negotiable."
"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."