Sale vs. lease/purchase vs. lease/option

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Sale vs. lease/purchase vs. lease/option

I understand the basic differences between buying a home outright vs. a lease/purchase or a lease / option but am getting conflicting advice on which option is best for my situation. Would a real estate atty be the best resource to help me? I don’t feel like my realtor is acting in my best interest, as obviously an outright sale benefits her much more than the other options.

Asked on June 19, 2009 under Real Estate Law, Maryland

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Yes I would definitely advise you to contact an attorney who specializes in this area of law to help you determine what is best for you. I would never suggest listening to a realtor on what will benefit you the most because their job is to sell the house and are obviously going to be looking out for their best interest.

Both options have their pluses and minuses and depending on your situation you can see which will benefit you the most. Without the details I cannot lend my opinion but in answering your question I would go speak to an attorney. Good luck

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Your instincts are absolutely right. One place you can find a lawyer qualified to give you the best advice is our website:  http://attorneypages.com

Quite aside from whether or not your realtor's own interests are actually influencing her advice to you, the lawyer will be able to look at all of the facts of your situation, and explain the advantages and disadvantages of your different choices here.  There may also be different income tax considerations to be aware of as well.  And, no matter which choice you make, but especially if you go with a lease/option or a lease/purchase, it is very important to have the "fine print" reviewed on your behalf, or you can find yourself out a lot of money a few years from now if things go wrong.  You have too much at risk to make a mistake with this.


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