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Lease to Buy: From Renter to Homeowner

With summer approaching, the September rental crunch can't be too far away. As a result, Boston real estate lawyers are gearing up for the influx of residential renters over the summer.

While there are many things that Boston real estate attorneys consider when preparing clients for residential rentals, one issue drives home the psychological issues that often turn legal-- how does a Boston real estate attorney prepare for the fact that the renter may become so attached to the home that he or she may want to purchase it outright?

It's very possible that a renter, after living in a rental home for a period of time, may want to purchase the home. But assuming that the renter enters into the lease without the one-hundred percent certainty that he or she may eventually purchase the property, what is the renter to do?

A Boston real estate lawyer might introduce certain clauses into the lease. One of these clauses could be a "right of first refusal" or a "right of first offer."

There may also be a lease with an option to buy. A lease with an option to buy is the case where a renter has the right, paid for up front when signing the lease, to buy the property at the end of a specified time and for a specified price.

All three of these clauses are different. As this is a simple blog post, I won't go into the legal technicalities of each clause. Nevertheless, these clauses aren't as simple as they may seem and they could affect a renter's rights with regards to purchasing the property.

The key point to remember here is that these clauses are legal. That means that they have some intrinsic nuances and details which could only be best understood by a Boston real estate attorney. If you are looking at a lease-to-buy option, contact a Boston real estate lawyer today.

Related Resources

  • So, You Want to Buy a Foreclosed Home? (FindLaw's Boston Real Estate Law News Blog)
  • MA Real Estate Lawyers Have A Unique Role (FindLaw's Boston Real Estate Law News Blog)
  • Find a Boston Real Estate Attorney (FindLaw)