Lease a home today. Keep the option to buy it.
A lease-option is a lease plus a written option to buy the home later. Renters get time in the home before deciding. Owners get a resident who may want to buy. Everything is set in writing first.
Simple steps, in writing.
For renters
- Tell us the area you'd like and when.
- We reach out when a lease-option home fits, and you get the terms for that home in writing.
- Lease the home, and decide later whether to use your option to buy.
For owners
- Tell us about your home.
- We talk through whether a lease-option fits, and the local rules where the home is.
- The terms are set in writing before anyone signs; ASRE can manage the home during the lease.
Questions answered in writing for every home.
The price
What the purchase price is, or exactly how it will be set, and how long the option lasts.
Money up front
Whether there is any option payment, whether it is refundable, and whether any of it counts toward buying.
Repairs and upkeep
Who is responsible for which repairs during the lease, and how repair requests work.
If you don't buy
What happens at the end of the lease if you decide not to buy, or can't get a loan.
Common questions
Renters
What is a lease-option?
A lease for a home plus a separate written option to buy that home later. You rent it like any lease. The option gives you the right, but not the obligation, to buy it on the terms in the agreement.
Is this rent-to-own?
People often use the words "rent-to-own" loosely. A lease-option means you are not required to buy. Read every agreement carefully to see whether it is an option or a promise to buy.
Do I have to buy the home?
No. With a lease-option, buying is your choice. The agreement says what happens if you don't buy.
How is the price set?
Each home is different. The price, or exactly how it will be set, is written in the agreement before you sign.
Will I need a mortgage?
Usually, yes. When you decide to buy, you'll typically need a loan, and lenders make their own approval decisions. Using the lease period to prepare can help.
Is there money up front?
It depends on the home. Whether there is any option payment, whether it is refundable, and whether any of it counts toward the purchase are all written in the agreement before you sign.
Owners
Do I still own the home during the lease?
Yes. You own the home until a sale closes. The resident rents it under a lease and holds an option to buy on the written terms.
What if the resident doesn't buy?
That is always possible. The agreement says what happens at the end of the lease if the option is not used.
Who manages the home during the lease?
You can have ASRE Property Management handle leasing, rent, repairs and reporting.
Are the rules the same everywhere?
No. Lease-options are treated differently in DC, Maryland and Virginia. Each home follows the laws of the jurisdiction it is in, and we recommend you get your own legal advice.
Program terms vary by property and jurisdiction; details are provided in writing before you sign. Each home follows the laws of the city or county it is in.
Same process for everyone
Every home is offered to every applicant on the same written terms for that home. All lawful sources of income, including housing vouchers and benefits, are welcome. We never ask about or treat anyone differently because of race, color, religion, sex, national origin, familial status, disability, age, source of income, or any other trait protected where the home is.
Ready to talk?
Not ready for a whole home? Rent a room in a co-living house.