A lease purchase is your opportunity to buy a Atlanta home, but not right now.

Here’s the scoop of your responsibilities in a lease purchase:

1. You will pay a security deposit or earnest money to the owner to hold your opportunity to buy the house for a predicted and negotiated price in the future.
2. The security deposit or earnest money may be non-refundable if you don't buy the home in the future but the terms are negotiable.
3. When you buy the home is also negotiable. Most people buy within two years of the time that they started renting the home.
4. You will pay rent monthly and perhaps some of your rent will apply to your down payment, or not, depending on what is negotiated with the owner.
5. You may be able to make changes to the home with the permission of the owner.
6. You will carry a renter's homeowners policy on the home.
7. You will most likely pay for the lawn care and all utilities in the home.
8. At the end of the renting term, or before, if your contract allows, you will get a mortgage and the title will be transferred to you.

A lease purchase is a great tool for buyers who are uncertain if they like the location, neighborhood or the idea of owing a home as opposed to renting. And, just knowing that you will be owning the home in the near future can still stimulate the pride of ownership that many buyers state propel them to the next level in life quickly.