Lease/purchase agreements

[ktgamom]

I have interest in a house that is being offered as a lease/purchase. How does this work? If we agree to the terms are we responsible for any repairs to the home?
Because of credit and income problems we are not able to get funding through a bank and have fallen in love with this house so any help would be appreciated.
Thanks!

 

[msattorney]

Lease/purchase agreements allow you to put aside some of the payment you make every month as a down payment on the house. The owner agrees to accept this as a down payment deposit and the terms as to length of the agreement, the ultimate selling price, etc. are set for thin the agreement. There are lots of "what ifs " in these type of arrangements. I would recommend having an attorney draw up the agreement or at the very least review any agreement you draw up so that you are protected during the term of the agreement.