How much info about closing do I put in a lease purchase contract?

Nothing gets "worked out". Have everything in writing and I hope you have a lawyer drawing up the paperwork.

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don't do it !! Lease purchases are horrible. As a mortgage loan officer I have never seen one work out. We the mortgage company have very strict guidelines on how we give them credit for money applied to the principle. You just need to let them lease it for a year with the option to buy after one year. Every time someone comes to my office with a lease purchase they leave disappointed.

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That would seem to be more of a concern for the buyer than the seller, right?

From the seller's perspective, he's just leasing it for a year and getting extra cash. If buyer can't get financing in the end, that's not on the seller, right?

It's a 50/50 deal. I know a lot of people that love doing and there have been some horror stories as well.

if you want to take a large deposit then have to refund It along with the extra principle that they paid over the lease then by all means let the sign the lease purchase.

The funny thing is that we have a guy whose a loan officer in here saying don't do it. When I first left the bankline womb and began working with/for mortgage brokers and had exposure to the full array of products that were available in real estate finance when I was in the game, the guy who taught me the most about the products our shop had access to was making a six-figure income off his lease-purchase stuff.

He did his homework but was CONSTANTLY on the lookout for new opportunities. Made an absolute killing doing them.

Like anything else, you have to make sure you have a philosophy and a rigid system that provides for risk within tolerable levels. Like a lot of people here on MT.

Absolutely agree that lots has changed. But these business transactions are still very much en vogue. Just like they were back then, it's a niche product for a niche consumer. But it's still a good idea if you are sensible and know what you're doing.