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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"SELLER FINANCE! Have you ever dreamed of living in the Beverly Hills of Utah County? The Provo River Bottoms is just that. And now you can do it at a price you can afford. Imagine the relaxing drive to your new home as you get off the freeway and coast past multi-million dollar homes...you look just a little further and see the majesty of the Rocky Mountains practically in your back yard...you suddenly see yourself on the slopes in Sundance ski resort which is only a 14-minute drive up the canyon... or perhaps some walking or biking on the trails along the river...you figure you'll go home first and relax for a bit before hitting the slopes. You pull into your controlled-entry parking garage, choose one of your two spaces and take the elevator to your corner penthouse. You open the door and are met with views to the South, East and West so you don't miss those sunsets over the mountains. You look in the kitchen for a bite to eat. (Mom will love the kitchen: granite and spacious and fully equipped with everything necessary). Your family arrives and announce they would rather go directly across the street to the Shops at Riverwoods for dinner. The kids drop off their backpacks in their humongous rooms and you all head out. Sushi wins over the 11 other restaurants and later perhaps some entertainment at the movies or Provo Beach, both next door. Satisfied with all the fun, you walk 30 seconds back home. After a long day, all you can think of now is taking a long, hot bath in your jetted tub then cuddling up by the fireplace with your favorite book. The slopes can wait until tomorrow. TGIF."
"Beautiful executive home in quiet culdesac with breathtaking mountain and valley views! Home has a wide open and flowing floor plan. Amazing family room with 2-story cathedral ceilings. Huge, open kitchen. Large master suite. All the bedrooms have large walkin closets. Backyard is big! "
"RIVER BOTTOM RAMBLER. Back on the market only due to failed sale! Besides the attraction of single level living ramblers offer, this home has an ideally designed lower level suited to adapt to today's frequently changing in-law or guest suite needs. Contract for deed: 12 month balloon to purchase at $820,000. 15% down $123,000. CD balance to carry $700,000 ($697,000 plus $3,000 origination & document costs). CD payment of $3,485 plus taxes & insurance & association of $275/month. Are you kidding me? This home is now listed for $750,000?? What a great deal! The home is turnkey and ready to move in to!"
"INCREDIBLE HOME IN NORTH EAST OREM! This all brick home features spacious rooms with vaulted ceilings. The master suite is exceptional with jetted tub and plenty of room. MOTHER-IN-LAW APARTMENT! The Carriage House features 1531 sq. ft. on the main floor with 3 garages and a walk-in vault with steel door, shop area and bathroom. There is also 1086 sq. ft. above the garage area that can be finished for living space. The carriage house sq. ft. are not included in the measurements above. Plenty of room for parking an RV or 5th wheel. The back patio is amazing with 2 beautiful gazebos, perfect for entertaining. This home is a must see! Square feet as per County and previous appraisal. Buyer and Buyer's Broker to verify all information including square footage and acreage. "
"A huge price reduction of $150K! Location, Location. Custom designed and built by homeowner that's lived in it the entire time. Open floor plan with all the top upgrades. 100% brick exterior with stone around every window and door. The best location with the best views in Utah. Huge yard completely enclosed with gates in the front. 20 ft x 40 ft. Pool with 3ft-9ft depths with built in Jacuzzi and a sauna in the Poolhouse. Build in horseshoe pits, large custom fire-pit and NBA half basketball court. Landscaped and private gate access to Park."
"See agent remarks for 3D tour address or call/text assistant. West facing home with unobstructed mountain views. Spacious master suite with private office. Indoor basketball court/gym that is 44' x 78' with separate entrance and bathroom. Full-size outdoor basketball court, 5 car EXTRA DEEP garage, TONS of parking for toys, RV, etc. HUGE RV pad! 1,200 sq foot guest quarters/accessory apartment above garage bays 3-5 with 3 bedrooms, full bath, laundry, kitchen, etc. The 5 car garage is HUGE!!! Home also has over $100k in solar panel upgrades to help reduce utility costs. This is a must see home! FLEXIBLE SELLER FINANCING AVAILABLE with good sized down payment."
"This classically elegant home is located on one of the most prestigious streets in the Provo River Bottoms. With over 8800 square feet total and a staggering 6300 square feet on the main level, making this truly a main floor living home. From the travertine entry with a sweeping staircase to the beautiful cabinetry and wood work in the kitchen this home was built with quality in mind. There is lots of natural light throughout the home with the bay window in the kitchen to the soaring windows in the family room. The spacious master bedroom provides ample room for a sitting area and has beautiful views of the mountains. The home has a separate apartment on the main floor that could be used for an au pair, married kids while in college or a main floor mother in law apartment. There is massive storage space in this home and in the large 4 car garage. The back yard is spacious and surrounded by mature trees with lots of room for a family to play or for family pets. This is a property that must be seen to be appreciated fully. Call today!"
8272 E LEFT HAND FORK HOBBLE CREEK, Springville UT 84663
"There are no words to describe this exquisite home in an extraordinary location. Nestled beneath the Utah Wasatch range. Amazing craftsmanship, Imported materials, Indoor swimming pool with water fall, slides, lazy river, and hot tub, movie theater, Bowling alley, Indoor shooting range, Indoor basketball court and meeting area, elevator, heated drive this home has it all. There are two parcels that make up the 185.33 acres. Utah county parcel # 16-033-0029 109.69 acres and 16-033-0031 75.64 acres. This is a great opportunity to own one of the most unique properties in Utah. Significant price decrease! Seller would like to see an offer! "