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The leasing company incurs heavy costs at the start of a lease, and expects to have you continue to lease the equipment for a specified length of time.
If you want out early, the "liquidated damages" are the amount you need to pay to be let out of the contract. The leasing company doesn't have to prove their actual damages; by signing the lease, the two parties have agreed that a specified amount is necessary and sufficient.
A lease purchase contract is simply a lease that has a balloon payment at the end of the lease which purchases the equipment.
What else can I help you with?
What contracts are considered to be specialty contracts?
Hire purchase contract/installments contract. lease
Who is responsible for repairs to a lease purchase house?
In most cases, the renter of the lease purchase house is required to do the repairs. The renter should do a full house inspection before signing their contract.
How is a lease different from a contract?
A lease is a type of contract.
What is a nominate contract?
In civil law, a nominate contract is a contractual relationship that has a designation attached to it. Examples include a purchase and sale, lease, or loan.
Is a lease a contract signed?
Yes, a lease is a signed contract
Are cars available with a lease to purchase option?
Most cars that are leased are now availiable with a lease to purchase option. At the end of the contract, you may purchase the car for an agreed amount. But don't forget to look at the depreciation the car has exprienced.
Can i cancel a lease if never even signed a contract or moved in?
A lease IS a contract. If you did not sign it, you do not have a lease.
How long does it take to foreclose on a home with a lease purchase contract?
The timeline for foreclosing on a home with a lease purchase contract can vary significantly based on state laws and the specifics of the contract. Generally, the foreclosure process can take anywhere from a few months to over a year, depending on factors such as court schedules and whether the homeowner contests the foreclosure. Additionally, if the lease purchase contract includes specific terms regarding default and eviction, those may also impact the timeline. It's advisable to consult a legal expert for guidance tailored to the specific situation.
Can the renter cancel the home lease contract after sign the lease contract for lease the house?
Yes it is possibly to break the contract however you will most likely have to pay a penalty fee for breaking the contract.
The FAR Residential Purchase and Sale Contract is most suitable for which one what types of real estate transactions?
lease with option
Can you lease purchase a home without co-buyers consent?
No. To execute a valid contract it needs to be signed by all the owners.
When is commission due to the Realtor when a lease purchase option is exercised?
I am considering a lease-purchase agreement now to a prospective tenant, and the real estate agency's contract says that the commission is due when title is transferred. This would normally be at closing. Tim
