In today’s tough real estate market many people are choosing to do sell there house in a different way.  One good way to do this is to lease your house for purchase.  If you choose this route you will need a lease purchase agreement.  This is the paperwork you use when you have a buyer but they need to lease for a while before they are qualified to purchase your home with a mortgage. 

What Does The Lease Purchase Agreement Do?

A lease purchase is different than a least with the option to purchase.  With the option to purchase the leaser may want to purchase the property, but they are not obligated to purchase.  The lease purchase agreement will lay out all of the legal information and terms and conditions for the leaser, buyer, to purchase the property.  With a lease purchase your property is actually under contract to be purchased.  The agreement will make it clear to everyone what all of the terms of the purchase are.  It is standard practice to use a lease purchase agreement when you have a buyer who wants to purchase your property, but for some reason they are not ready to close right away.  A larger non-refundable deposit is often required in this situation in order to insure that the buyer is serious and intends to indeed close on the property.