She paid a non-refundable upfront fee of $2,500 [1, 2]. This locked in her exclusive right to buy the home later [1, 2].
By the end of the 3-year lease, Sarah had accumulated ($150 x 36 months). Combined with her initial $2,500 option fee, she now had $7,900 to use as a down payment. Thanks to her improved credit score, a local bank approved her for a mortgage to cover the remaining $57,100. At the closing table, Sarah officially transitioned from a tenant to a proud homeowner. mobile home lease with option to buy
Sarah agreed to rent the home for 3 years at $900 per month [1]. She paid a non-refundable upfront fee of $2,500 [1, 2]