A lease option is not as simple as a purchase. You must get your homework done prior to involving yourself in a lease option. Sale price is important but just as important is the closing cost and rent credits. Overlooking any of them might pose hazards on a later day. First, you have to get a perfect agreement done so that the lender will not find any issues in accepting it.

Always get it done in writing that you won’t lose your option money and rent credit if the interest rate goes up all of a sudden. Do not get lured by lenders who pay you only a small portion above the fair market rent citing reasons of down payment.

With a lease option, you have an option of purchase until the time of expiration of a contract. It is important to get it done like a sales contract as it is nearly covers just that. Everything in writing, above all, is the most important mantra.