Tampa Real Estate & Contract Attorney Discusses Lease Purchase Agreements and Tampa Real Estate Transactions
Lease purchase agreements and lease option agreements are becoming popular in the Tampa Bay area and can be an excellent option to a traditional purchase agreements and leases. For the property owner, a lease purchase agreement or lease to own purchase agreement can aide in helping the homeowner who is looking to sell their property a great way to secure rental income while securing a buyer for the home. The tenant often gets the opportunity to build equity in the home, and is provided with a certain amount of time to secure financing, fix credit issues and deal with other matters that apply to finding financing.
Many people think that it’s sufficient to use standard online forms when entering into one of these agreements such as in a lease purchase agreement or lease option agreement however, it is recommended by realtors and real estate lawyers that you hire a Tampa real estate attorney who is experienced in Florida real estate contract law to guide you through the process of the drafting of the contracts. It is well worth it to make sure there is nothing that might get in the way of the transaction going smoothly. Renting to own can be a wonderful option if you do it properly. Utilizing the experience of a Tampa contract lawyer to draft or at the very least review your lease purchase agreement or lease option agreement before signing is wise for both parties. Lubliner Law Firm is experienced in all aspects of contract law and Florida real estate law and we’re ready to assist you, so you can enjoy a smooth transaction.
Benefits of Using a Tampa Contract Attorney for Lease Purchase Agreements in Florida
Most home owners, tenants or buyers do not know Florida Real Estate Law. Because of this, they enter into contracts that are either not enforceable because they did not contain the proper language in accordance with Real Estate Laws in Florida or other contractual law. An experienced Tampa real estate contract attorney can ensure that your rights are protected. Attorney Denise P. Lubliner will provide you with representation and assistance with your real estate contracts including helping you to understand deposit regulations to negotiating the details and requirements of the lease purchase contract along with the proper forms that are required to make your contract leagally binding. For a free initial consultation, please call our Tampa Law Firm at (813) 381-5670.
Lease Purchase Agreement or Rent to Own Agreements Disputes
If you have entered into a lease purchase agreement and feel that the other party is in default or has not met their area of obligation, Lubliner Law Firm can provide legal representation in Lease Purchase Agreement disputes and lawsuits. Again, it’s always best to ensure that you have an iron clad lease purchase agreement or lease option contract, because should one or the other party default it will likely be easier to litigate the case.
Florida real estate laws are put in place to protect buyers, sellers, tenants and property owners in a variety of real estate transactions, including lease to own purchase agreeements or lease purchase agreements. Many of our clients have come to us having had mistakenly confused the two, which are actually two seperate agreements. It is crucial to understand and use the proper contracts, terms, forms and agreements to ensure that your contract is binding and enforceable should their be disputes.
“Real estate laws protects tenants, landlords, buyers and sellers who enter into real estate transactions in Florida. Denise P. Lubliner at The Lubliner Law Firm is a Tampa real estate attorney who offers comprehensive legal services that will ensure that your real estate transactions are successful from start to finish.”
Lease Purchase Agreements or Lease Option Agreements
There are important differences between a Lease Purchase Agreement and A Lease Option Agreement and you should consult with a Tampa real estate attorney prior to entering into either one of these agreements to ensure your rights as an owner or tenant/buyer are protected. A lease option agreement for instance, does not obligate the tenant to purchase the property, but does obligate the seller to sell the property if and when the tenant properly exercises the option to purchase. It can also contain terms for deposits and fees and detail how those fees will be allocated should the tenant excercise their rights to purchase.
A lease purchase agreement generally sets an alotted time frame for the tenant to find financing to purchase the home as well as defining other terms, such as if and how rental payments may be credited towards the purchase price or down payment of the home and other binding terms.
It’s important to remember that both Lease purchase agreements and lease option agreements create a landlord-tenant relationship. Should your tenant default and you file for eviction, tenants can assert an ownership interest claim and if successful in court, you could be forced to remove the tenant through a foreclosure action vs. a traditional eviction process. If you are a seller entering into a lease purchase agreement and would like to learn more about how to avoid this scenerio, please contact us at the Lubliner Law Firm in Tampa for a free consultation.
Whether you are a tenant (potential buyer) or landlord (property owner/seller) Lubliner Law Firm provides real estate contract services that will ensure that your rights are protected so that you can move forward with your real estate transaction goals, with confidence.