St Lucie County Property Appraiser Office

A lease option allows you to rent a property with the exclusive option to purchase within a specific time. But you would be better off with a land contract. A land contract is similar, but more binding. It permits institutional refinancing to pay it off. If the property value is high enough, there will be no need for a down payment or out of pocket closing costs when you do refinance.

The Time Frame for Full Payment

This should be as long as possible. With land contracts, two to three years is usually acceptable. But it can be as little as one year or as long as five. Find out from a mortgage professional, preferably a seasoned broker, how long it may take you to cure your inability to obtain mortgage financing from no credit, bad credit or insufficient work history or income.

The Deposit Amount

The seller will often want an amount of money as a non-refundable deposit. This is negotiable. Make it as little as possible. That money goes into the owner's pocket if you default and get evicted before you refinance to have title transferred to you. The same is true if you don't wind up buying. If you do buy, it goes toward the purchase. So make sure it is recorded in the contract and that you have a paper trail of your deposit. A canceled check works best.

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