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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"Beautiful custom blt rambler on 7 acres.40 X 60 shop, Home features 6 inch exterior walls, 10 ft high ceilings. Vaulted ceiling in Great R, Cental Vac/Crown Molding/Energy efficient appliances, furance & water heater. Walk in safe, mother in law apartment with outside basement entrance. Fire sprinkler system, custom front door. Possibility of dividing into additional lots. NO HOA's , Too many extras to mention, Great country living. ATV & horse trails that can be accessed from the house. Rm fo"
1526 S LEFT HAND FORK HOBBLE CREEK CN RD, Springville UT 84663
"Hobble Creek Canyon is one of the BEST places to live in Utah County. Living in this Magnificent, Picturesque Canyon is choice in every way, each season providing Striking Changes in the Scenery. For the Active Lifestyle there is Hunting, Fishing, Horseback Riding, ATV Trails, Snowmobiling, Golf and more. And because Future Development is Limited, it makes living here a Sensible Investment. *** The 4,000 square foot home on 30 Acres is located midway up the canyon and is only minutes from down"
"$300,000 buyer incentive for any accepted contract dated Oct. 15th 2015 or prior and closes before Nov. 30th 2015. Call agent for details. Heavenly Estate nestled in Alpine Cove. Spectacular mountain vistas coupled with soaring panoramic Utah Valley views. Quiet and peaceful location built on two lots, 1.85 acres, large enough for animals/horses. Property is tastefully fenced, plenty of lawn for kids to play football or soccer, built-in BBQ, sports court and a beautiful 250' cascading waterfall."
8272 E LEFT HAND FORK HOBBLE CREEK, Springville UT 84663
"Exquisite! Extrordinary! Amazing! Outstanding!, These are all terms that have been used to describe this Mansion nestled beneath the Utah Wasatch range. Beautiful Imported materials, Indoor swimming pool with slides, water fall, lazy river and hot tub. Movie Theater, Bowling alley, Indoor shooting area, Indoor basketball court and meeting area, elevator, heated drive, outdoor lighting, and so much more it is too much to mention. Includes Parcel # 16-033-0031 75.64 and Home also included is Parce"