How to Rent a Home With a Contingent Home Sale Offer

If you're interested in buying a home but don't qualify for financing, or you're not ready to make the ownership commitment, consider renting a home that offers the option to buy. Entering a lease agreement with the option to buy gives you the opportunity to purchase the home when the lease expires. Adding certain contingencies to the sale offer provides protection to you as a buyer.

Instructions

1

Know your options when renting a home with the option to buy. A lease option offers some flexibility for the buyer and seller. As the potential buyer, you rent the home for a specified period of time with the intent to buy the home at the end of the lease. The seller agrees not to sell the home to anyone else during your lease. However, you're not obligated to purchase the home.

2

Review the terms. A lease option allows you to lock in the price of the home at the current market value, regardless of how the market changes. The duration of a lease agreement is negotiable but is generally between one and three years in length. Sellers may charge an additional fee for a lease option. The money is paid along with your security deposit and may not be refundable if you decide not to purchase the home. A portion of your monthly rent may be applied toward the price of the home.

3

Discuss lease options with sellers. When searching for a home to rent, you're not necessarily limited to rental homes. If you're searching for a home to rent, consider contacting homeowners who are attempting to sell their properties.

4

Add contingencies to the lease. Contingencies are requirements that must be fulfilled to make the agreement binding. Possible contingencies may include finding financing, selling your home or the property passing inspection. If a specified contingency isn't met, the contract is no longer binding. In addition to a regular sale contract, you need to add a lease option addendum that specifies the details of the rental agreement and the amount of rent applied to the sale price.

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