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 h"
"***MOTIVATED SELLER*** PRICE REDUCED $50,000 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 s"
"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,"
"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 deli"