A lease option (or lease purchase) is the abbreviated form of the appropriate term lease with option to purchase. It is a type of contract used in residential real estate. The contract is typically between two parties: the tenant (also called the lessee), who will occupy a house or apartment, and the landlord (lessor), who owns the property.

During the term of the lease option, the tenant pays rent to the landlord, and in exchange is permitted to occupy the property. At the end of the contract, the tenant has the option to purchase the property outright; the tenant would typically obtain the money to do this using a mortgage. In exchange for this option, the tenant pays extra money to the landlord, in excess of usual market rent.

Excess rent may also be applied towards the eventual purchase of the property, or towards the down payment for a mortgage. In that case, the lease option works as an automatic savings plan for the tenant.

Lease options are often used by tenants with a poor or limited credit history, who would not qualify for a typical mortgage.

If the tenant does not exercise the option to purchase the property at the end of the lease, then the money that the tenant paid for this option was wasted.  This might occur if the tenant no longer wishes to purchase the property, or if the tenant wishes to purchase the property but is unable to obtain the financing required to do so.
 

Lease Option Homes

The following homes have indicated that they are willing to consider a lease/option.    Required down, monthly payments and availability may vary tremendously.  Please call our office and we will look into each one of these for you. 

Pierce County

Dupont Homes With Potential Lease -Option   (None Available)

Lakewood Homes With Potential Lease - Option

Puyallup Homes With Potential Lease - Option

Roy Homes With Potential Lease -Option

Spanaway Homes With Potential Lease -Option

Steilacoom Homes With Potential Lease -Option

Tacoma Homes With Potential Lease -Option

University Place Homes With Potential Lease -Option

Thurston County Homes With Potential Lease -Option ( Including Olympia, Lacey, and Yelm)