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Lease Purchase Contract Lease purchase Contract is different from Lease Option Contract. Lease Purchase Contract binds the Buyer to purchase. Normally there is no ability to back out, cancel or in terminating this type of contract. The buyer must buy and or be able to successfully assign the contract if a right of assignabuiluity exists. In most events the right to assign is discussed and or approved and or denied by the seller at the time of contract. In the event of Lease Purchase Contract's assignment the original buyer still remains liable until the assignor successfully exercise their purchase and totally complies and or conforms to the original contract as well as completely pays of the original seller according to the written agreement at hand. Lease Purchase agreements are common in the event of higher risks such as buyer not able to provide certain verification history, down payment requirements and or having other liability that the seller does not conform with such as Dogs, Cats, pets and so forth. In the event of breach and or default on buyer's behalf and or buyer not being able to assign buy and or settle with seller, seller will normally file a written complaint / law suit action for damages such Breach, Vacancy, Property Damage, Rehab Costs, Marketing advertising, Attorney / Agency representation and or court cost. Lastly. Lease Purchase agreement shows that the sellers number one goal and motivation is to sell the property not to rent it. It is always difficult for seller to recoup in event of any type of default and or breach and that is why both parties Buyer and Seller are liable and accept certain mutual risks from each other. |
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