Lease Purchase Agreements and Using a Tampa Real Estate Attorney
Lease purchase agreements can be an excellent way to gain rental income while selling your home in Tampa Bay. Many property owners have been choosing this option because they find that it not only helps them to sell their home, but also creates rental income in the interim. Lease purchase agreements can also be very beneficial to a buyer, especially those who need time to secure financing or to repair credit problems while renting a home that they would someday like to purchase.
If you are thinking about entering into this type of contract, please be aware that taking a DIY approach is generally not recommended for either a buyer, or seller. Florida real estate laws are very specific and should you ever have to go to litigation over a lease purchase dispute or default, a proper, legal binding real estate contract drafted by an experienced Tampa real estate lawyer can make all of the difference in the outcome.
Lease purchase agreements and lease option agreements are often times confused, and frequently sellers and buyers have used them improperly. There are distinct differences between a lease purchase agreement and a lease option agreement and knowing how to use one or both interchangeably in the correct way is crucial. At the Lubliner Law Firm in Tampa, Florida, we've helped many sellers and buyers with their lease purchase agreements, as well as a variety of real estate sales contracts and negotiations with the goal of ensuring a smooth transition of the purchase or sale of properties in Tampa, St. Pete, Clearwater and surrounding Tampa Bay Area Counties.
Disputes and Litigation - Lease Purchase Agreements
Even with a proper real estate contract, many times one party or the other will default on a lease purchase agreement. Hiring an experienced Tampa Bay Real Estate Attorney can help you to get the relief you need. Again, it's emperative to understand that the best thing you can do is to start out with a solid Lease Purchase Contract. This can help you to avoid an array of problems that can occur should your contract be lacking the requirements according to Florida Real Estate Law or Contract Law.
Lease purchase agreements as well as lease option agreements create a landlord-tenant relationship. If you are the "landlord" and your tenant happens to default on your lease purchase agreement, your tenant could actually attempt to assert an ownership claim on your property. If your tenant were to prevail in litigation, he or she could force you into a foreclosure action. This type of problem and others can be avoided by using the proper terms and terminology in your contracts.
Buyers also need protection because understanding how deposits and credits will be applied at the time of purchasing the property is important and must be clearly defined in the contract, and should be in accordance with Florida Law.
If you would like additional information or need assistance with drafting or reviewing your Lease purchase agreements, contact real estate attorney Densise P. Lubliner at the Lubliner Law Firm in Tampa, Florida.
2907 W Bay to Bay Blvd., Ste. 345,
Tampa, Florida 33629
