{"id":1288,"date":"2017-06-08T14:32:08","date_gmt":"2017-06-08T14:32:08","guid":{"rendered":"https:\/\/vbbabogados.com\/?p=1288"},"modified":"2021-03-17T08:50:19","modified_gmt":"2021-03-17T08:50:19","slug":"lease-with-purchase-option","status":"publish","type":"post","link":"https:\/\/vbbabogados.com\/en\/blog\/lease-with-purchase-option\/","title":{"rendered":"Lease with purchase option"},"content":{"rendered":"

Lease with purchase option <\/strong>is a form of access to housing that can have benefits for both the owner and the tenant of the property.<\/p>\n

For the\u00a0tenant<\/strong> the amount paid monthly as rent is deducted from the final purchase price, so it is no longer considered a\u00a0“wasted money”,<\/em>\u00a0but an investment and a way to save over the term of the lease up to have the necessary amount to be able to access a mortgage loan (in case the bank only grants a financing of 70 or 80% of appraisal of the property).<\/p>\n

For the\u00a0owner<\/strong>\u00a0there are also advantages such as ensuring payment of a monthly amount, plus the payment of a deposit to secure the purchase by the tenant and keep occupied the house with consequent profitability.<\/p>\n

What is a lease agreement with purchase option?<\/h2>\n

It is a double contract, consisting of a\u00a0lease<\/strong>\u00a0(which lists all the conditions relating to\u00a0the\u00a0rental of the house) and an\u00a0option purchase<\/strong>\u00a0(where the conditions for the purchase of housing are fixed too).<\/p>\n

The tenant may reside in the dwelling during the stipulated period (normally one to three years, coinciding with the term of duration contemplated in the Law of Urban Leases).<\/p>\n

And after this period, the tenant will have the right to buy the property at the agreed price, from which the rent (all or part) paid until such time will be deducted from the final prize.<\/p>\n

Normally the tenant agrees\u00a0to\u00a0pay the owner an\u00a0initial premium,<\/strong>\u00a0usually a percentage of the sell-purchase prize, to ensure the purchase of housing.\u00a0If finally the tenant decides not to buy the premium is lost.<\/p>\n

It is highly recommended that in the contract all the\u00a0conditions<\/strong>\u00a0of\u00a0both the lease and the purchase are very clearly reflected.<\/p>\n

Regarding the\u00a0lease<\/strong>\u00a0is necessary\u00a0to\u00a0detail:<\/p>\n

    \n
  • Term or duration\u00a0of the rental.<\/li>\n
  • Monthly rental income and who hasto\u00a0bear with the expenses of the homeowners (ordinary and \/ or extraordinary) and payment of Local Property Tax (IBI).\u00a0If the house is not purchased the rents paid are lost.<\/li>\n
  • Whether or notthe tenant can carry out reforms \/ works in the house.<\/li>\n
  • Term during which the tenant can exercise his right of purchase.<\/li>\n
  • Whether if delays or defaults occur the optionto purchase will be<\/li>\n<\/ul>\n

    The\u00a0sales contract<\/strong>\u00a0must\u00a0specify:<\/strong><\/p>\n

      \n
    • Final price of the sale.<\/li>\n
    • Percentage to discount (partial or total) of the rental paid from the sale price.<\/li>\n
    • Initial payment (deposit to secure the purchase) that has to be paid by the tenant to the seller (and where appropriate to discountto\u00a0the final price of the sale).<\/li>\n
    • The contract can be registered in the Property Registry to be enforceable by third parties.<\/li>\n<\/ul>\n

      This kind of leasing is a good solution for those who expect to buy a home in the medium term, pending of an economic improvement or greater facilities to obtain a mortgage loan.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Lease with purchase option is a form of access to housing that can have benefits for both the owner and the tenant of the property. For the\u00a0tenant the amount paid monthly as rent is deducted from the final purchase price, so it is no longer considered a\u00a0“wasted money”,\u00a0but an investment and a way to save…<\/p>\n","protected":false},"author":3,"featured_media":1292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nLease with purchase option - Boltas Boyé Abogados®<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vbbabogados.com\/en\/blog\/lease-with-purchase-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lease with purchase option - Boltas Boyé Abogados®\" \/>\n<meta property=\"og:description\" content=\"Lease with purchase option is a form of access to housing that can have benefits for both the owner and the tenant of the property. 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