Lease Purchase contract is usually made to show that the seller can rent or charter out a property for a certain period of occasion to a purchaser. The buyer is considered to be proprietor of the property if a Lease Purchase Agreement is signed. Lease Purchase Agreement is more significant documents which are usually sketched only when eligible buyer is serious about the deal but could not afford the complete price of the property instance.
The tenure of the validity of the Lease Purchase contract relies on the need of the buyer and also the liked of the seller can be decided at the time of signing the contract. Usually the seller levies payment that the buyer has to make; normally it is fixed at 3% of the complete payment amount. If both the parties agree then the Lease Purchase Agreement can be renewed and go on beyond the time limit specified in the first contract and a new document will be signed again by together the parties. http://www.leasepurchasemadeeasy.com lists down significant points to be noted while signing a Lease Purchase contract and also rules to be followed in common man’s plain terms.