A lease-option (also know as a lease to own, rent to purchase, lease to buy home, or rent to buy) is a conventional lease and a home purchase, bridged by a lease-option contract. This page was designed to help you quickly locate homes in Orange County, CA that have a lease-option available. Use the search links below to find lease option properties in Aliso Viejo, Newport Beach, Newport Coast, Laguna Beach, Corona Del Mar, Coto de Caza, Dove Canyon, San Clemente, San Juan Capistrano, Lake Forest, Portola Hills, Foothill Ranch, Wagon Wheel Canyon, Ladera Ranch, Fullerton, Yorba Linda, Irvine, Tustin, North Tustin, Rancho Santa Margarita, Mission Viejo, Dana Point, Laguna Niguel, Laguna Hills, Silverado Canyon, Modjeska Canyon, Robinson Ranch, or Las Flores, CA.
Note: The links on this page are no longer working, as the field for "lease option" in the MLS,is no longer allowed to be used on third party feeds to web sites. If you are interested in receiving a list of homes that are offering a lease-option, send me an e-mail here and I will send you a list from the MLS.
|Anaheim||Laguna Hills & Laguna Niguel|
|Anaheim Hills||Lake Forest, Portola Hills, Foothill Ranch|
|Aliso Viejo||Las Flores|
|Corona Del Mar||Newport Beach & Newport Coast|
|Costa Mesa||North Tustin|
|Coto de Caza||Orange & Orange Park Acres|
|Dana Point||Rancho Santa Margarita|
|Dove Canyon||Robinson Ranch|
|Fountain Valley||San Clemente|
|Fullerton||San Juan Capistrano|
|Irvine||Silverado & Modjeska Canyons|
|Laguna Beach||Wagon Wheel Canyon|
Looking in a different area? Call me! (949) 290-3263
The buyer pays the seller option money called "Option Consideration" for the right to later purchase the property. The lease option money may be substantial.
The buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the lease option.
During the term of the lease option, the buyer agrees to lease the property from the seller for a predetermined rental amount.
The term of the lease option agreement is negotiable, but the common length is generally from one year to three years.
The option consideration money generally applies toward the toward the purchase of the home.
A small portion of the monthly rental payment also applies toward the purchase price.
Option money is rarely refundable.
Nobody else can buy the property during the lease option period.
The buyer generally cannot assign the lease option without seller approval.
If the buyer does not exercise the lease option and purchase the property at the end of the lease option, the option expires.
The buyer is not obligated to buy the property at the end of the lease term.
A lease-option is suitable for someone who:
Has good credit
Has a property they are selling and will have equity for a down payment
Has consulted with a lender and is confident that they can qualify for financing at the end of the lease term
Has a sufficient amount of cash for the option deposit which is typically 1 to 5% of the purchase price, and understands they may lose it if they do not exercise the option.
A lease-option is unsuitable for someone who:
Is not sure if they qualify for a loan (has not consulted with a lender yet)
Has poor credit
Is uncertain whether or not they will have enough cash for a down payment at the end of the lease term
The home owner will finance the purchase - This is almost never the case
The lease term can be for three years or more - Typically, the term is 12 to 18 months, maximum
That all of the rent applies to the purchase - Almost never. Typically only a few hundred dollars per month is offered, and this is usually only if the rent is increased to cover it!
That it is a great for people with bad credit - It is not a home buying "short cut" for people with poor credit. If you have credit issues, you must be sure that you can qualify for financing before the lease term ends, else, you may lose your entire deposit! Consult with a lender before entering into a lease-option agreement!
If you are interested in an Orange County lease-option home, please call me. I will
be happy to assist you with a lease option, lease to own
houses, rent to buy property in Orange County, CA, as well as
a sale, purchase, lease, or rental. Your source for lease
option homes in Southern California.