The process is long and complicated, and it can take months to complete the deal.
However, you can make sure you’re getting the best deal by asking the right questions.
Read on for the steps you can take to ensure your lease is as close to a buyout deal as possible.
Find out if your lease has a buy-out clauseRead the Buyout ClauseYour lease has buy-outs clauseIf you’re leasing your home to someone else, you might be entitled to a special buyout clause that allows you to sell your home at a specified price and buy a new one with the money.
In some cases, the buyout is offered as part of a multi-year lease agreement.
In some cases you may be able to sell or lease your home and then buy it back with a new lease agreement after the purchase.
In most cases, your lease may have a buy out clause.
The best way to find out if it’s available is to ask your leasing company.
For example, if you lease your property to a company called HomeTrust, you should contact your leasing agent to see if they can help you get the buy-up clause on your lease.
If you can’t find the buy out in your lease, there are some things you can do to ensure it’s included in your agreement.
For instance, if the lease is for 30 years or more, you could ask your lease company to give you more than 90 days to negotiate the buy outs clause.
You can also ask your home equity manager to help you understand the buyouts clause so you know whether you can qualify.
For more information on buying and selling a home, check out the following resources: