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 tennant 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 tennant 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 excercised. If it isn't exercised, then the landlord just keeps that money as the normal rent.
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6576 E MILLCREEK CYN. RD Unit 19, Millcreek UT 84109
"Porter Fork Canyon -cozy cabin in the woods. Lot 19. Completely remodeled in 2008. Original wood floors. Granite counter, beamed ceiling, tile floors in kitchen and bathroom, wood deck in rear and screened in porch in front. Stream within 50 feet. Open dormitory upstairs, furniture negotiable. Fire pit in yard. Shed for storage or small car. Owner agent. Buyer to verify sq. footage."
2324 N PINECREST CANYON RD, Salt Lake City UT 84108
"We're all about breaking the mold. We adore the movers, relish the shakers, and we proudly hear, hear! the makers. Magic happens when genres are crossed and boundaries are broken, so we love those bold enough to go where few have gone before. Take, for example, this tranquil one-off in the hills. It's part contemporary cabin, part mountain-infused modern, and all that and a bag of trail mix. We'll start with the location, sinceâ€“nestled snuggly in the hills of Emigration Canyonâ€“it happens to be, in a word, sublime. The space is completely private, with views that rival that of the ol' Swiss Family Robinson sweet treehouse setup (and, since it's seated on nearly 15 acres, you'll quite literally have views for days). This custom space has been fully outfitted for optimal outdoor space enjoyment, which brings us to the deck (that deck!). The possibilities are endless here, but we're thinking full outdoor dining setâ€“candles, flatwareâ€“the works. (We'll bring the champ.) Inside, you'll find a space that's equal parts spacious and cozy (a nearly impossible combo to pull off, we might add). Hardwood floors, wood paneling, hiiiiigh ceilings...oh, yes. There are staggering views (and crazy-beautiful light) in nearly every room, and there's more than enough space to house friends in this city-adjacent escape. The previous owners (one a Nobel Prize winner; the other an artist/gardenerâ€“needless to say, the space is swimming in positive energy) championed the few snowy months the place has to be hiked-into with graceâ€“even with a baby in tow. In short, this space is ideal for those longing for a tranquil retreat, but still looking pop downtown without a fuss. A wildlife-infused, modern space with plenty of privacy? That, friends, is what you call a rocky mountain high. Square footage figures are provided as a courtesy estimate only. Buyer is advised to obtain an independent measurement."
"***MOTIVATED SELLER*** PRICED BELOW APPRAISED VALUE FOR QUICK SALE! This is a rare opportunity to own a majestic residence accompanied with a stunning guest house. This property boasts 8600 sq. ft. of living area, on a lot spanning over one acre. The main house has 5BR/4BA and an additional 2BR/2.5BA in the separate guest house. Its opulent old world charm is abundant throughout, with sublime architectural details in every room. The front entrance features a graceful twin staircase, overlooking a spaciously grand living room with 24' ceilings and three french doors leading to the outside upper deck. Soaring high above Wasatch Boulevard this residence offers 360 degree views, the mountains to the east and entire valley to the west, endless views from almost every room. The lower level of this home is truly an entertainers delight. Which includes a home theater, full kitchen bar, sports court, exercise room and a sauna. As you walk outside from this level the enjoyment continues to the covered patio and hot tub. The gorgeous sloping landscaping includes a water feature and more than 50 mature pine trees along with natural scrub oak. The main house has a 3 car garage but that is usually not enough so an additional 2000 sq. ft. garage or workshop is accessible from the rear of the property. Here you will find a single car garage with a half bath, a 2 car tandem garage and an 44' deep RV garage with 14' ceilings. Above this space is additional luxury living including a full kitchen, fireplace, laundry, 2 bedrooms and 2 baths. This amazing estate cannot be replicated at this price, definitely a one-of-a-kind. Will consider seller financing. (Listed 3rd level on property information is the guest house information.)"
"This majestic mountain enclave nestled above the beautiful Salt Lake Valley, uniquely offers the serenity and seclusion of mountain living with the convenience, amenities, and entertainment afforded by the thriving Salt Lake City metropolitan area. Centrally located and just minutes from seven world-class ski resorts, premier professional and college sporting events, abundant cultural offerings, and Salt Lake City International Airport.This immaculate mountain home features amazing architecture, second-to-none finish work, highest quality materials, private home theater, smart home technology, indoor pool and spa, beautiful landscaping with a stunning water feature, and breathtaking mountain and valley views.Nestled quietly above city lights and the hustle, bustle below. This premiere luxury estate truly is a cut above the rest. Realize your dreams and this tremendous value and don't miss the chance to make this castle your home. Seller may consider financing for qualified buyer."
"This gorgeous contemporary wonder perched on almost 6 acres atop the High Avenues was originally built in 1991 by builder Ron Ferrin. He then was engaged to carefully rebuild and remodel under this current owner. This bright gem boasts truly unparalleled and totally unobstructed views over the entire Salt Lake Valley. The home is adorned with opulent master suites on both levels each with a closet and bath that will not disappoint! The main kitchen conjoined with the great room is a chefs delight with massive granite counters, seating for 13 at the bar, Snaidero Italian cabinets, an 8 burner Viking range & double gas ovens, 2 Subzero refrigerator/freezers, 2 refrigerated drawers, electric double ovens, and 2 Bosch dishwashers. The elements that make this home so special include a 2500 bottle wine cellar, a wine vineyard that produces outstanding wines, marble bathrooms, Brazilian cherry floors, custom wall treatments, a hand-painted Parisian tile ceiling in the formal seating room, Swarovski chandeliers in a master and a spectacular handcrafted artisan glass and iron chandelier in the great room. The lavish home theater, indoor basket/racket ball court, impressive pool overlooking the entire valley and outdoor kitchen area forge an ideal place to entertain. With its wide open spaces to lounge, dine and relax, This is the place to enjoy the good life! Come experience this beauty for yourself."